Small Business - The Times Of Central Asia

Viewing results 1 - 6 of 221

Education EBRD Kazakhstan Central Asia Economy Small Business

EBRD Launches New Training Program for Female Entrepreneurs in Kazakhstan

The European Bank for Reconstruction and Development's (EBRD) Women in Microbusiness training program is being launched in Kazakhstan to support women entrepreneurs facing social or economic obstacles in their business activities. Statistics show that whilst women manage 49 percent of all micro and small-sized businesses in Kazakhstan, their representation in medium and large business sectors is only 36 percent and 19 percent, respectively. Reporting on the initiative, Alma Kasymova, head of the EBRD's SME (small- and medium-sized enterprises) Program in Kazakhstan, stated, "Our main goal and mission is to empower women entrepreneurs to grow and develop their micro-enterprises through affordable and quality training. We are confident that this program will help participants to expand their competencies and open new perspectives in larger business segments." The training, conducted online in Kazakh and Russian, will run for five months and comprise six business modules in marketing, sales, finance, human resources, operational management, strategic planning, as well as automation and the use of artificial intelligence (AI). Participants will be able to enrol at any time convenient for them. . Welcoming its launch, an EBRD spokesperson announced, "This is the third implementation of the program -realized in collaboration with the training and consulting company Dialog . Previous projects allowed almost 1,500 women entrepreneurs to strengthen their skills and improve their businesses. "

Small Business

Interest-Free Loans for SMEs in Kyrgyzstan

The Ministry of Finance of Kyrgyzstan has published a report on the amount of interest-free loans granted to enterprises under the project, "Emergency Support to Micro, Small and Medium Enterprises" as of January 1st, 2024. The report indicates that loans of 5,921,800,000 som ($6,629,870) were granted to 8,929 entrepreneurs. This includes loans of up to 1,000,000 som ($11,196) to 7,788 entrepreneurs totaling 4,219,300,000 som ($47,238,020), and up to 3,000,000 som ($33,587) to 1,141 entrepreneurs totaling 1,702,400,000 som ($19,059,561). The project, "Emergency Support to Micro, Small and Medium Enterprises," which started its activities in September 2021, and will continue until June 2027, is supported and financed by the World Bank and the Asian Infrastructure Investment Bank (AIB). Several agreements with commercial banks have also been signed under the project. Small and medium-sized businesses play a significant role in the private sector, which in turn forms the basis of Kyrgyzstan's market economy. The main reason for this is the lack of the need for large start-up investments, and the speed of resource turnover. Due to their scale, small businesses represent the largest layer of the economy, determining the socioeconomic and partly the political level of development within the country. They act as both direct producers and consumers of a wide range of goods and services. The small business sector operates mainly in local markets. Micro, small and medium-sized businesses account for approximately 50% of Kyrgyzstan's GDP, and are fundamental to job creation in the country.

Small Business Economy Kazakhstan Kyrgyzstan

ADB supports women-run businesses in Kazakhstan, Kyrgyzstan

NUR-SULTAN (TCA) — The Asian Development Bank (ADB) and RG Brands (RGB), a leading food and beverage group in Kazakhstan, have signed a $20 million loan to modernize operations along the company’s regional distribution chain. The assistance will improve the livelihoods of shopkeepers and support women’s empowerment in Kazakhstan and in neighboring Kyrgyzstan, ADB’s Country Office in Kazakhstan said on December 20. Continue reading

Small Business Uzbekistan Finance

Uzbekistan: Small businesses to benefit from EBRD finance

TASHKENT (TCA) — Small private companies in Uzbekistan will benefit from better access to finance thanks to an €18 million loan provided by the European Bank for Reconstruction and Development (EBRD) to Ipoteka Bank, the country’s fourth-largest lender by total assets, the EBRD said on December 13. Continue reading

Small Business Kazakhstan Finance

Kazakhstan’s women and small businesses to benefit from EBRD finance

NUR-SULTAN (TCA) — Small enterprises and women-led businesses in Kazakhstan are set to benefit from a US $40 million loan package provided by the European Bank for Reconstruction and Development (EBRD) for Bank CenterCredit (BCC), a leading local lender, the EBRD said on December 12. Continue reading

Finance Small Business Uzbekistan Economy

EBRD opens second office in Uzbekistan

TASHKENT (TCA) — The European Bank for Reconstruction and Development (EBRD) is expanding its regional presence in Central Asia’s most populated region by opening an office in Andijan, one of the largest municipalities in east Uzbekistan, the Bank said on October 30. Located in the Fergana Valley, Andijan is one of the oldest cities in the region, where the Mughal dynasty hails from and which played an important role in the Silk Road trade. The Fergana Valley is the most densely populated part of Central Asia with almost 14 million inhabitants – almost 20 per cent of the region’s population – spread across Uzbekistan, Kyrgyzstan, and Tajikistan. The EBRD is opening an office in this region recognising the area’s significant potential. The Andijan office will mainly be supporting local small and medium-sized enterprises (SMEs) through expert advice, training and a variety of financial tools. It will be building on the success of the EBRD’s business advisory program, funded by the European Union and the EBRD Small Business Impact Fund (with contributions from Italy, Japan, South Korea, Luxembourg, Sweden, Switzerland, Taipei China and the USA), which has already delivered almost 70 advisory projects for Uzbek SMEs. Following the adoption of a new country strategy for Uzbekistan, in 2018 the EBRD signed 12 projects worth almost €400 million, a record level of business for the Bank in the country in a single year. Significant investments were made in the municipal and power infrastructure sectors, including the rehabilitation of water and wastewater infrastructure in the Fergana Valley, as well as in banking and industry. This year, the EBRD has already invested almost €250 million into the Uzbek economy. To date, the EBRD has invested €1.3 billion through 70 projects in the economy of Uzbekistan. Support of small businesses is particularly important as the country moves to reform its economy and strengthen its private sector.