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Bai Tushum receives a 100 million soms loan from Frontiers

December 21, 2018

On December 19, the official ceremony of signing an agreement with the microcredit company Frontiers to provide the Bai Tushum Bank with a $100 million soms subordinated loan for 5.5 years was held at the Bank’s head office.

The bank has been provided with additional opportunities for implementing strategic plans to increase financing for individuals, small and medium businesses throughout the country.

Over 2018, the Bai Tushum Bank has demonstrated a dynamic growth in key performance indicators. As of the end of November, the bank's profit amounted to more than 67 million soms, and assets increased by 6.9 percent and amounted to 7.63 billion soms. The deposit base increased by 26 percent and amounted to more than 4 billion soms. According to this indicator, Bai Tushum is among the leading banks in terms of growth rates, which indicates an increase in the public confidence.

The bank negotiated with several international investment funds and reached agreements with them to provide financing to the bank in 2019 in total over $17.5 million.

The Frontiers Microcredit Company is an institution for the development of the microfinance sector in the Central Asian region. The company was founded in 2003 by the American non-governmental organization ACDI / VOCA, which deals with issues of socio-economic development in developing countries. The Frontiers Company aims to provide wholesale loans to financial institutions for their development and strengthening, as well as to expand the access of the economically active population to financial services.