The European Bank for Reconstruction and Development (EBRD) is terminating financial support for the Institute of Business Ombudsman in Kyrgyzstan. Office of the bank in the Kyrgyz Republic reported.
It is noted that the support was provided at the expense of a special fund of the bank’s shareholders. The decision to stop funding will come into force on April 30.
At the same time, the EBRD will continue to provide technical support to Kyrgyzstan to determine the optimal format for the work of the Institute of Business Ombudsman using the best international practices and taking into account local specifics. The Institute, which was established in 2020, has proven its efficiency in improving the business climate in the country.
«The EBRD remains committed to development of the national economy of the Kyrgyz Republic and improving the conditions for functioning of domestic and foreign businesses in the country. We will also focus our efforts on strengthening the Investment Council under the Cabinet of Ministers through the institutional support of its secretariat. Work will continue with the government aimed at improving the dialogue between the authorities and the private sector, detecting and eliminating problematic aspects of the legislation and streamlining the regulations governing the work of businesses and investors,» the statement says.
To date, the EBRD has invested over €921 million in 219 projects in Kyrgyzstan. Investments are mainly aimed at supporting private entrepreneurship.
