The meeting participants also discussed the goals and priorities of IFC in Kyrgyzstan and the prospects for cooperation in attracting investment, developing the private sector, creating jobs and supporting domestic producers.
They decided to cooperate more broadly within the framework of the IBC Financial Market Committee: IFC experts will inform about new investment tools, and business representatives will submit their proposals on the terms of investment and financing.
During 2020, IFC, a member of the World Bank Group, will provide technical assistance to Kyrgyzstan in developing a national strategy to increase the availability of financial services for individuals and small businesses. This strategy is part of broader measures to create jobs and stimulate economic growth in the country.
The strategy development process was officially launched on September 26, 2019 in Bishkek. Improving the availability of financial services contributes to inclusive growth and the promotion of a competitive and export-oriented economy.
Private business is the basis of most economies in the world. By expanding access to official financial services, IFC helps the private sector grow, which contributes to job creation, poverty reduction and continued sustainable growth.
The Kyrgyz Republic is one of the 60 countries that has started the process or is in the process of developing a national strategy on financial affordability. The IFC Central Asia Financial Inclusion Project will support the development of a strategy with the Swiss State Secretariat for Economic Affairs (SECO).
The Kyrgyz Republic joined IFC in 1993 and presently holds 0.07% of its equity. IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity.