The European Bank for Reconstruction and Development (EBRD) is boosting support to private entrepreneurship in Kyrgyzstan by providing a local currency credit line to micro, small and medium-sized enterprises (MSMEs) in the country, the EBRD said on September 30.
The amount in som, equivalent to US $7 million, will be made available to companies through the EBRD’s local partner bank, KICB.
Neil McKain, EBRD Director for Central Asia based in Bishkek, said: “Kyrgyz businesses are experiencing an acute shortage of local currency funding after the devaluation of the som, so this credit line is going to help hundreds of MSMEs to avoid exchange risk. We are proud to join forces again with our partner KICB to support small businesses just weeks after signing another important joint project aimed at energy efficiency.”
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Source: The Times of Central Asia