...

IFC provides financing to microfinance company in Kyrgyzstan

Kyrgyzstan Materials 26 October 2022 13:13 (UTC +04:00)
IFC provides financing to microfinance company in Kyrgyzstan
Aygun Maherramova
Aygun Maherramova
Read more

BAKU, Azerbaijan, October 26. The International Finance Corporation (IFC) has provided financing to "Elet-Capital" - a microfinance company in Kyrgyzstan, Trend reports citing akchabar.kg

IFC's $2.5 million investment will increase access to finance for Kyrgyz women entrepreneurs and develop housing microfinance for low-income households.

“IFC's investments will enable "Elet-Capital" to support women entrepreneurs. It will also improve access to housing microfinance for many families living in rural areas and planning to improve their current housing conditions,” IFC Senior Manager for Central Asia Cassandra Colbert said.

According to IFC data, the financing gap for micro, small and medium-sized enterprises (MSMEs), including those owned by women, in Kyrgyzstan is estimated at $1.4 billion, which is 21 percent of the country's GDP. Housing finance options are also limited for many low-income households, especially in rural areas.

Meanwhile, the main vision of "Elet-Capital", which was founded in 2005, is to assist Kyrgyz people living in rural areas to raise their standard of living using accessible loans.

Tags:
Latest

Latest