AKIPRESS.COM - The European Bank for Reconstruction and Development (EBRD) has arranged a US$ 10 million financing package for Bai Tushum Bank (BTB), one of its partner banks in the Kyrgyz Republic.
The German development finance institution, DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH – is providing lending to Bai Tushum alongside the EBRD.
BTB will receive an EBRD loan in the local currency (som) equivalent of US$ 2 million. An additional US$ 8 million will be provided by DEG. The funds will be used for on-lending to micro, small and medium-sized enterprises (MSMEs) in the Kyrgyz Republic.
BTB has been operating in the micro lending market for over 14 years. It is a longstanding partner of the EBRD and the German KfW Group and has a particularly strong record in reaching out to small entrepreneurs throughout the country. It is the first microfinance company to successfully transform into a bank in Central Asia. Today BTB is one of the largest micro and small-business lenders in the Kyrgyz Republic, with 65 lending outlets.
Since the beginning of its operations in the country, the EBRD has invested over US$ 592 million in the Kyrgyz Republic in 118 projects across many different sectors of the economy.