IFC — a member of the World Bank Group — says it is investing up to $3 million in local currency equivalent to Kompanion Bank, one of the leading community development banks in Kyrgyzstan, to provide financing for micro and small enterprises (MSEs) across the country.
With 40 percent of the loan proceeds allocated to women-owned businesses and 10 percent to climate finance initiatives, the project aims to empower women entrepreneurs, promote climate resilience and address the financing gap for the country’s small businesses.
“Kompanion Bank highly values its partnership with IFC. We combine environmental care, social responsibility, and integrity to build a sustainable foundation for our clients, employees, and society as a whole, while supporting the region’s broader aspirations for sustainable development,” said Margarita Cherikbaeva, Chief Executive Officer of Kompanion Bank CJSC.
Micro, small and medium enterprises (MSMEs) are a cornerstone of the Kyrgyz Republic’s economy, yet many lack access to longer-term local currency financing. According to the MSME Finance Gap database, the financing gap for women-owned MSMEs in the Kyrgyz Republic is estimated at $262 million, representing nearly 18 percent of the country’s total MSME finance gap.
“Through this investment, IFC is not only helping to address the critical financing gap but also supporting Kompanion Bank in its mission to develop communities, support women entrepreneurs, and promote environmentally friendly projects. By expanding opportunities for businesses to thrive, this initiative is expected to catalyze job creation, empowering local entrepreneurs and fostering economic resilience,” said Hugh Riddell, World Bank Group Country Manager for the Kyrgyz Republic.
