COMPLETED PROJECTS
Central Asia Leasing Project (IFC PEP)
Tourism Study
Akun Pasta Company
Environmental Assessment for an ICT Sector
Central Asia Leasing Project (PEP)
2001 - 2005
Funded by the State Secretariat for Economic Affairs of Switzerland (SECO)
To develop the leasing sector in the Kyrgyz Republic, Tajikistan, and Uzbekistan, the project trained leasing companies, banks, potential leasing clients, and policymakers on the fundamentals of leasing operations and on conducting financial and risk analysis when making investment decisions. In conjunction with the training, the project advised local and foreign companies on legal, taxation, and accounting aspects of leasing transactions. The project also worked with the private sector, government officials, and legislators to improve the legal framework for leasing operations. The program conducted sector studies to monitor the industry’s development throughout the project’s duration.
The project achieved the following major goals:
- Legislation regulating leasing in Central Asia became one of the most progressive in the former Soviet Union.
- The number of lessors has considerably increased. 32 new lessors entered the leasing market and totaled 38 leasing companies, banks and microfinance institutions conducting leasing operations in the Central Asian countries. Out of three countries, where the project was operational, the most significant growth is observed in Uzbekistan.
- IFC approved $30 million Leasing Facility to finance lessors in Central Asia and Azerbaijan.
- Lease financing provided by commercial operators has resulted in considerable job creation/retaining impact: almost 15,000 jobs were created and over 3000 jobs were retained.
Tourism Study
2000
Funded by IFC TA Fund and the Government of Switzerland
When the Government wanted help to tap the country’s natural potential for a more robust tourism industry, IFC performed a diagnostic study to identify existing obstacles to growth such as excessive bureaucracy and limited infrastructure, quantify current activity, identify sub-sectors with the most potential for growth, and recommend a strategy for private investment.
This year, the Kyrgyz Government, with the financial and practical assistance of the Swiss Government, through SECO funding, is implementing the study recommendations and is creating a specialized tourism marketing agency to promote Kyrgyzstan as a destination for tourists from former CIS and Western countries. While initially supported by donor funding, the Agency is expected to become commercially viable within five years.
Akun Pasta Company
2003
Funded by the Governments of Netherlands and the United Kingdom
Akun, a leading producer of high quality flour, is one of several investments approved under the framework of its Small Enterprise Fund (SEF) in Central Asia over the past five years. To expand more aggressively into the regional market, it required assistance to modernize accounting methods and MIS.
IFC implemented an in-depth assessment of current operations and produced a strategy for changes in management and financial accounting, MIS, and personnel and organizational management. With the help of a second advisory program, the company is implementing the recommendations.
Environmental Assessment for the ICT Sector
2001
Funded by the Government of Japan
When the Kyrgyz Government approached IFC for help in creating enabling conditions necessary for greater private investment in the information and communications technology (ICT) sector, IFC designed a background assessment and strategic program to help create these conditions.
The project produced conclusions on existing e-commerce activity, weaknesses in existing internet infrastructure, current and projected market demand, and the operational and policy environment necessary for growth. The results of the IFC IT study and recommendations were provided to Kyrgyz Government for review and possible implementation of recommendations.
