January 6, 2012 -- Bai-Tushum and Partners – the first microfinance institution in the Kyrgyz Republic to receive a deposit-taking license – launched its first savings products in September and has since opened more than 150 accounts for its cust
IFC, with support from Switzerland, helped improve the inspections process for Kyrgyz businesses by advising the Kyrgyz government on drafting amendments to the new Inspections Law, which was adopted in June.
Turan Bank was chosen as a pilot in the IFC Azerbaijan Corporate Governance Advisory Services Project implemented in partnership with SECO to provide in-depth advice to help align their corporate governance systems with best international practices.
From Crisis to Growth: Supporting Banks and Businesses
The Eurozone crisis continues to have an impact on the countries of Europe and Central Asia (ECA). In response to this situation, IFC is providing critical support to banking sectors and businesses in the region, easing unemployment and ensuring that companies and individuals continue to have access to the finance they need.
The World Bank Group announced on January 23, 2012 that it is making $27 billion in funding available over the next two years for countries of Emerging Europe and Central Asia. In case of market need and with a focus on supporting economic growth and job creation, IFC’s investment and advisory program in ECA could reach $10 billion of commitments in FY13-14 with approximately $8 billion for IFC’s own account and approximately $2 billion in mobilization.
IFC’s response is driven by the importance of systemic banks in ECA and will include: short-term financing and trade products to address immediate liquidity concerns, mezzanine and equity investments to shore-up capital shortfalls, strengthened SME financing to fill funding gaps, as well as support for real sector clients. IFC’s investments are complemented by advisory services programs.
A coordinated IFI response provided critical support during the 2008 crisis and remains important today. IFC is working with other European institutions including on a second Vienna Initiative which aims to ensure coordination between institutions and to avoid a messy deleveraging situation in Europe. On November 8, IFC, along with other members of the World Bank Group, the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) launched the Joint IFI Action Plan 2013-2014 to support growth in Central and South Eastern Europe. As part of this initiative, IFC will support the private sector through its investments and advisory services in sectors including banking, infrastructure, manufacturing, agribusinesses, services and trade.