Originally published: June 01, 2007
Source: International Finance Corporation (IFC)
International Finance Corporation (IFC) has signed an agreement to provide advisory services to Micro Credit Agency Bai-Tushum Financial Foundation. This support will help the institution transition into a commercial bank and expand its financial services to reach smaller entrepreneurs in the Kyrgyz Republic.
This agreement follows a US$2.2Mln IFC financing package provided last year to Bai-Tushum. Under the new agreement, IFC will assist with the company’s transition as well as wrap up work it began in 2005 to help Bai-Tushum develop its leasing operations, policies, and procedures. The US$300,000 advisory project will include training for Bai-Tushum’s employees on risk management, microdeposit services, and internal controls and audits. The project is supported by the Netherlands Ministry of Foreign Affairs.
IFC’s development agenda in the Kyrgyz Republic complements the goals of local authorities for developing the country’s financial sector. The Bai-Tushum project provides an opportunity for the Kyrgyz authorities to refine and apply the rules and regulations that address the transformation of qualified microcredit institutions.
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