The International Finance Corporation (IFC) will provide a USD 10 million loan to ATFBank-Kyrgyzstan to support the bank’s lending to small and medium enterprises (SMEs) in the country. [1]
The Kyrgyz Republic joined IFC in 1993. IFC commitments to the country have reached nearly USD 90 million, including investments and other advisory services with a focus on business environment, financial infrastructure and corporate governance. [1] See the IFC summary of the transaction here.
ATFBank-Kyrgyzstan was established in 1992, and currently has 13 branches. The main shareholder is the joint stock company ATF-Bank, which owns 95.84% of the stock. As of the 2008 year-end, ATFBank-Kyrgyzstan had total assets of USD 156 million with 49% exposure to SMEs.
The International Finance Corporation was established in 1956 and is currently a member of the World Bank Group. The company was established to “foster sustainable economic growth in developing countries.” As of 2008, it has a net worth of USD 18.3 billion [1]. For MicroCapital’s detailed coverage of IFC’s Micro Small and Medium Enterprise Initiatives during 2008, look here.
By Kenny Kline, Research Associate
Additional Resources:
[1] IFC Press Release
http://www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/646ADBB375C1846885257663005007C1?OpenDocument
[2] IFC
[3] ATFBank-Kyrgyzstan
Similar Posts:
- MICROCAPITAL BRIEF: EBRD Purchases 5% Equity Stake in ProCredit from IFC, Increasing Exposure to SMEs in Europe, Ecuador
- MICROCAPITAL BRIEF: Hamkorbank of Uzbekistan Borrows $50m from FMO to Fund SMEs Owned by Women, Youth; Microenterprise; Climate Projects
- MICROCAPITAL BRIEF: Imkon of Uzbekistan Nets Convertible Debt from BOPA to Expand Microfinance, SME Finance
- MICROCAPITAL BRIEF: Tunisie Leasing and Factoring Borrows $7.5m from BII-Symbiotics Green Bond Program for SMEs in Tunisia
- MICROCAPITAL BRIEF: Network International Unveils “Networkpay” Tools for SMEs in Egypt to Accept Digital Payments
