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Donors to provide funds for concessional lending to business

Agreements have been reached with a number of donors as part of the government’s anti-crisis business lending plan. The Minister of Finance of Kyrgyzstan, Baktygul Jeenbaeva, told today at a briefing.

According to her, the World Bank will allocate funds within two projects. Support is also planned from the Asian Infrastructure Investment Bank, through which the private sector will be financed. As of today, this amount is $ 122.5 million. In addition, a loan of the European Investment Bank went through all the procedures. The process of financing of small and medium enterprises for 22 million euro will begin in July.

«Within the framework of the revolving fund of the German Development Bank KfW, the Ministry of Finance reached an agreement with donors on use of about $ 36 million to support farms, small and medium businesses. An auction for 1.3 billion soms has already been held. Applications for participation were submitted by 11 commercial banks; according to the results, four banks received 520 million soms. The second auction on placing funds of German KfW will take place next week. In addition, we are ready to directly lend to commercial banks to support the private sector,» Baktygul Jeenbaeva told.