World Bank allocates another $50 million to finance business in Kyrgyzstan
The World Bank’s Board of Executive Directors approved $50 million in additional financing for the Emergency Support for Micro, Small and Medium Enterprises Project for the Kyrgyz Republic. Website of the World Bank says.
This additional financing complements the original $50 million Emergency Support for Micro, Small and Medium Enterprises (MSMEs) Project that was approved on July 30, 2020. The original project also received $50 million in co-financing from the Asian Infrastructure Investment Bank (AIIB).
«Micro, small and medium enterprises contribute 42 percent of Kyrgyz Republic’s GDP and play a key role in job creation and poverty reduction: therefore, the World Bank welcomes the anti-crisis steps taken by the Government to support them,» Naveed Hassan Naqvi, World Bank Country Manager for the Kyrgyz Republic said. «Many of the country’s businesses have experienced severe shocks associated with the COVID-19 crisis and are now facing newly emerging challenges and uncertainties. We expect that the combined investments of $150 million as part of this project will help scale up and expand the much-needed support to ensure sustainability of businesses and jobs.»
The Emergency Support for Micro, Small and Medium Enterprises Project and its Additional Financing Project will be implemented through June 2027 by the Ministry of Finance of the Kyrgyz Republic, in compliance with relevant World Bank procedures and standards, including procurement and financial management regulations and anti-corruption guidelines.
