47229
KYRGYZ INVESTMENT AND CREDIT BANK CJSC
Apr 19, 2023
Kyrgyz Republic
Central Asia and Turkiye
Mar 10, 2023
FI-3 - No Impact
Active
Jun 15, 2023
Regional Industry FIG MCT
Financial Markets
Approved : Mar 20, 2023
Signed : May 17, 2023
Invested : Jun 13, 2023
Commercial Banking - Microfinance
Blended Finance
The proposed project consists of a 4-year senior unsecured loan of up to US$15 million denominated in Kyrgyz Som (KGS) to Closed Joint-Stock Company “Kyrgyz Investment and Credit Bank” (KICB or Bank), a long-standing IFC client, to be used to increase access to finance for underserved individuals and micro-enterprises (MEs) in the Kyrgyz Republic, including via microfinance institutions (MFIs), with a particular focus on sustaining affordable housing finance for low-income individuals and financing to women-owned MEs (WMEs) during a challenging economic environment caused by the COVID-19 crisis and further exacerbated by the Russian invasion of Ukraine (the Project). KICB will use IFC’s loan proceeds to provide financing to its clients (70%) and channel the rest (30%) via local MFIs. Furthermore, 50% of the financing will be used to finance housing projects to low-income individuals and 50% to WMEs. The Project will be processed under IFC’s COVID Base of the Pyramid Facility (#44915) and is expected to benefit from IDA-PSW Pooled First Loss Guarantee (“PFLG”) to help de-risk the Project and IDA-PSW Local Currency Facility (“LCF”) to support the local currency financing.
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