The Minister of Economy and Commerce of Kyrgyzstan Bakyt Sydykov signed an agreement with Eldik Bank OJSC and MFI Entrepreneurship Development Fund OJSC on the launch of a project of preferential lending to women entrepreneurs within the framework of the state initiative «Development of Women’s Entrepreneurship». The press service of the ministry reported.
According to it, the program is aimed at sustainable support of women’s business initiatives in the regions and expanding their access to financial resources. The main focus will be on the development of women’s entrepreneurship outside of Bishkek and Osh — preferential loans will be provided to women working in the regions of the Kyrgyz Republic.
The project is being implemented with the financial support of the Japan Fund for Poverty Reduction through the Asian Development Bank. The total amount of financing is 40 million soms, provided in the form of a gratuitous grant.
According to the terms of the program, preferential loans will be provided at a rate of not more than 12 percent per annum for up to eight years. The funds will be directed primarily to support micro-businesses, development of handicraft production, agriculture and the service sector.
