Bishkek, Kyrgyz Republic, September 13, 2023 — A new cooperation agreement between IFC and the Association of Microfinance Organizations of Kyrgyzstan (AMFO) is aiming to help enhance environmental, social, and corporate governance (ESG) capacities of microfinance organizations in Central Asia.
The goal is to empower local professionals with the knowledge and tools to consult microfinance institutions on integrating ESG practices into governance, strategy, and operational levels. IFC will organize a train-of-consultants program, specifically designed to build ESG capacities of selected consultants across the region.
"This cooperation is a significant step towards sustainable development and responsible finance in the Kyrgyz Republic and across Central Asia," said Wiebke Schloemer, IFC's Director for Türkiye and Central Asia. "Enhancing ESG practices is not just an ethical choice, it will help boost the competitiveness of the region's microfinance sector."
AMFO will act as a founder and representative of a Coordinating Council of microfinance organizations in Central Asia. Upon completion of the training, IFC will offer methodological support to the Coordinating Council for improving ESG practices across the microfinance sector in the region, helping to bolster a regional approach which will enable microfinance organizations across Central Asia to benefit from the program.
"Representing the Coordinating Council, AMFO is committed to providing a unified platform for ESG excellence in Central Asia. Together with IFC, we aim to develop a robust ESG framework that will make the microfinance organizations in our region more sustainable and bankable for future investments," said Alisher Akbaraliev, AMFO Executive Director.
The agreement also aligns with IFC's larger goal of encouraging sustainable and responsible investment in developing economies, adding a vital regional component to its Integrated ESG Program in Europe and Central Asia in partnership with the State Secretariat for Economic Affairs of Switzerland.
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IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
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