📋 Tender Overview
Project Number: 49361
Company Name: KYRGYZ INVESTMENT AND CREDIT BANK CJSC
Date SPI Disclosed: Jul 5, 2024
Country: Kyrgyz Republic
Region: Central Asia and Turkiye
Projected Board Date: Aug 15, 2024
Environmental Category: FI-3
Status: Pending Approval
Department: Regional Industry FIG MCT
Industry: Financial Institutions
Sector: Commercial Banking - Microfinance
Project Description
The proposed Project consists of IFC’s investment in a $15mn unsecured bond denominated in Kyrgyz Som (KGS or LCY) to be issued by CJSC Kyrgyz Investment and Credit Bank (KICB or the Bank), a long-standing IFC client, to increase access to finance for underserved individuals and micro-enterprises (MEs), including women-owned MEs (WMEs) in the Kyrgyz Republic, as the economy is recovering from the COVID-19 crisis, further exacerbated by Russia’s invasion of Ukraine (the Project). KICB will use the IFC’s loan proceeds to provide financing to its own clients (70%) and channel via local microfinance institutions (MFIs) (30%). 50% of the financing will be used to finance micro-housing projects for low-income individuals and 50% for micro-enterprises including WMEs.
Total Project Cost and amount and nature of IFC's Investment: The proposed Project consists of IFC’s investment in a $15mn unsecured bond denominated in KGS from IFC’s own account.
Financing Sources:
2) World Bank (WB)
1818 H Street, NW Washington, DC 20433 USA
Tel : (202) 473-1000
https://www.worldbank.org/
