BISHKEK (TCA) — Eurasian Development Bank (EDB) and Kyrgyzstan’s Aiyl Bank have signed a Loan Agreement to finance small and medium businesses in the Kyrgyz Republic, EDB said on August 8.
Under the Agreement, the US $5 million loan will be disbursed in several tranches, each maturing in 3 years. Clients will be selected based on certain criteria agreed with EDB.
“We are happy to continue our cooperation with Aiyl Bank, seeing it as a reliable partner for implementation of the project that will facilitate an enabling environment for sustainable development of entrepreneurship and competition in the Kyrgyz Republic,” said Dmitry Ladikov-Roev, Managing Director for Assets and Liabilities at EDB.
“Our previous experience of cooperation with EDB was productive. And I really hope that this credit facility will be used just as successfully. And our loans will contribute significantly to small and medium business development in the Kyrgyz Republic,” said Gulchekhra Kamchibekova, Deputy Chair of the Board of Management at Aiyl Bank.
In November 2014, EDB provided a US $5 million loan to Aiyl Bank under the microfinancing program. The loan was successfully implemented, with over 300 projects financed in the manufacturing and trade sectors.
Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. EDB’s charter capital totals US $7 billion. The member states of the Bank are Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan.
Aiyl Bank is a major state-owned bank in Kyrgyzstan, which focuses both on supporting the agricultural sector and operates as a universal bank offering a full range of services.
