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BISHKEK (TCA) — A roundtable discussion to mark the completion of the development of recommendations for a large-scale regulatory reform of business practices in Kyrgyzstan, hosted by the Kyrgyz Government’s Council on Regulatory Reform and the OSCE Programme Office in Bishkek, took place at the event to mark the launch of the reform on 18 June in Bishkek. Continue reading
TASHKENT (TCA) — IFC, a member of the World Bank Group, has issued its inaugural bond in Uzbek national currency, the Soum, raising UZS 80 billion — ten million USD equivalent — to expand lending for micro, small and medium enterprises in Uzbekistan. This is the first-ever Uzbek Soum-denominated transaction issued in the international markets, the IFC said. Continue reading
BISHKEK (TCA) — The Caucasus and Central Asia region showed a positive 4.1% GDP growth in 2017 which exceeded the expectations of the IMF, the recently published IMF report on prospects for the regional economy development says. As the forecast shows, this rate will not last long, therefore, the region needs to focus on developing a dynamic private sector and diversifying the economy. Guarantee Fund To assist entrepreneurs in finance access, the Kyrgyz Government established the Guarantee Fund in 2016. The Fund's capital is 282 million soms, of which 72 million soms were allocated from the state budget. Since its launch in November 2016, the Fund has approved 426 guarantees for 390.4 million soms. Entrepreneurs received loans in partner banks under the Fund’s guarantees. The Guarantee Fund recently introduced a program to create the machine-building and automobile industries in the country. The machine-building enterprises stopped production in the early 1990s. Since then, the trade balance has a negative index, and imports of many types of machinery and equipment prevail. According to another ambitious project, creation of electric vehicles will be a good response to the requirements of environmental friendliness and technological adaptability of transport. The first Kyrgyz electric vehicle will be presented by the end of May 2018, the Guarantee Fund said. Imported auto parts will be used to assemble electric cars. Microcredits Microcredit companies provided 380 thousand people across the country with loans worth 17 billion soms, the National Statistics Committee reported. The largest number of recipients and the greatest volume of issued microcredits were registered in Bishkek and the Chui, Osh and Jalal-Abad oblasts. Women received most of the loans (over 61% of borrowers). According to creditors, 36% (6 billion soms) of all loans were directed for consumer purposes, 29% (5 billion soms) – in agriculture, and 17% (2.8 billion soms) in trade and public catering. Private entities dominate There are 98 state enterprises in Kyrgyzstan, of which more than 30 are loss-making ones. As of the beginning of this year, 1,130 state enterprises were registered but most of them did not function. The Government assessed the non-operating enterprises and liquidated most of them. As a result, 98 state enterprises currently operate but some unprofitable ones will be liquidated, and others will be merged. In Kyrgyzstan, 690,300 economic entities are registered, both legal entities and individuals. Among them, private entities dominate (98.2%) and 63% of them are operating in agriculture, forestry and fisheries, the National Statistics Committee reports. The Government creates preferences for the development of industrial production. Newly established enterprises will be exempt from property tax, land tax, profit tax, and sales tax for five years. The state policy is currently aimed at the development of the regions. More than 70% of the country's population lives in the regions, and most of the villages and towns are subsidized and do not have developed infrastructure and favorable business environment. Considering these circumstances, Kyrgyz President Sooronbai Jeenbekov declared 2018 the Year of Regional Development. The Economy Ministry proposes to...
ASTANA (TCA) — Kazakhstan President Nursultan Nazarbayev has signed the Law "On Amendments and Additions to Some Legislative Acts of the Republic of Kazakhstan on Improving Regulation of Entrepreneurial Activity". Continue reading
KABUL (TCA) — A national summit of Afghan businesswomen opened on April 19 in Kabul with support from USAID's Promote: Women in the Economy (WIE) project, in close cooperation of the Office of the Chief Executive of the Islamic Republic of Afghanistan. The summit brought together more than 150 women-owned or managed Afghan businesses, government officials, interest groups, and industry leaders from throughout the country to examine challenges facing businesswomen. The summit provided a forum to identify areas of reform that will assist women-owned businesses in access to finance, markets, and increased revenues. The summit encouraged participants to share individual examples of issues they face, and work together to create practical and constructive plans that will help them grow, the US Agency for International Development (USAID) reported. "USAID is proud to support the National Business Women's Summit — a unique representation of diverse businesses from across the country," said Susan DeCamp, Director of USAID's Gender Office. Groups of Afghan businesswomen have held meetings since March to identify economic opportunities and initiatives designed to help women better participate proactively in the mainstream economy and become more competitive. With support from business sector experts, the groups identified actions that will form the basis for a comprehensive blueprint for initiatives designed to create a more conducive business environment for Afghan businesswomen. During the summit, Dr. Abdullah Abdullah, Chief Executive of the Islamic Republic of Afghanistan said, "Investment in women's development and capacity building can lay the foundation of a better future, and contribute to the stability of the country." WIE and the Office of the Chief Executive vowed to work together in promoting adoption of the blueprint as part of the official policy related to women's economic empowerment. USAID Promote: Women in the Economy is a four-year program that assists women-owned businesses or those employing women to perform better, increase income growth, and provide business sustainability. WIE also supports Afghan women in finding new or better jobs through career counseling and workplace skills development. With almost $17 billion spent on development programs in Afghanistan since 2002, USAID provides the largest bilateral civilian assistance program to Afghanistan. USAID partners with the government and people of Afghanistan to ensure economic growth led by the country's private sector, to establish a democratic and capable state governed by the rule of law, and to provide basic health and education services for all Afghans.
ALMATY (TCA) — IFC, a member of the World Bank Group, is providing a senior syndicated loan of $82 million equivalent in Kazakh tenge to Microfinance organization KMF LLC, a leading Kazakh microfinance institution, to boost lending to micro and small enterprises, including women entrepreneurs and customers in rural areas of Kazakhstan. Continue reading
