BISHKEK, Kyrgyzstan, February 23. The European Bank for Reconstruction and Development (EBRD) has approved a provision of up to $4 million Kyrgyz soms to FINCA Bank Kyrgyzstan, Trend reports.
According to the EBRD, the loan is provided under the Central Asian Women in Business Programme (CA WiB). The bank will further on-lent the proceeds to women-led micro, small and medium-sized enterprises.
The aim of the project is to boost women's entrepreneurship in Kyrgyzstan and encourage greater female involvement in business. Specifically, it aims to help women-led micro, small, and medium-sized enterprises (MSMEs) in the regions of the country by providing them with access to finance, knowledge, and guidance.
The bank noted that the lack of financing opportunities is a significant barrier hindering the growth of women-led MSMEs.
The Women in Business (WiB) in Central Asia Programme strives to foster women's entrepreneurship across the Kyrgyzstan, Mongolia, Tajikistan, and Uzbekistan. It aims to help women-led MSMEs in these countries by facilitating their access to financing, expertise, and guidance.
The EBRD plans to allocate over $110 million in investment funds through this initiative. By collaborating with partner financial institutions (PFIs), the program aims to reach out to at least 7,000 women-led MSMEs, who often encounter significant gender-related barriers when seeking financial support and expert advice.