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On December 4, the Executive Board of the International Monetary Fund (IMF) discussed the Financial System Stability Assessment¹ of the Kyrgyz Republic.

There is scope to further develop the Kyrgyz financial system, which would support growth and stability. The economy is largely cash based and financial services are limited, with low financial savings mobilization. With the exception of microcredit institutions, which have grown rapidly, the nonbank sector is not significant. Money markets are shallow, the interbank market is dormant, and weaknesses in the financial infrastructure hamper intermediation.

US$ 12 million equivalent syndicated loan to Kompanion Financial Group

The European Bank for Reconstruction and Development (EBRD) has completed the second syndicated loan in local currency in the history of the Kyrgyz financial sector. The loan –in Kyrgyz som equivalent to US$ 12 million –was made to Kompanion Financial Group, one of the largest microfinance institutions in the Kyrgyz Republic and a long-standing client of the EBRD.

The proceeds of the syndicated loan will allow Kompanion to expand its lending operations to micro, small and medium-sized enterprises (MSMEs), especially in rural areas. It will also reduce Kompanion’s exposure to the risk of sharp fluctuations in foreign currency exchange rates. This risk is particularly relevant to microfinance institutions (MFIs). In the past,MFIs have received only foreign currency funding, and their opportunities for hedging have been constrained.

13 December, Bishkek – Today, the United Nations High Commissioner for Refugees in Kyrgyzstan with the State Registration Service under the Government of the Kyrgyz Republic  held a fourth High-Level Steering Meeting on the Prevention and Reduction of Statelessness in Kyrgyzstan.

Government officials of all relevant state bodies, representatives of civil society organizations and experts reviewed progress on the implementation of the National Action Plan and discussed actions to be taken accordingly.

Naryn, Kyrgyz Republic–On 12 December 2013, the eBilim mobile digital library was inaugurated at University of Central Asia’s(UCA) School for Professional and Continuing Education, Naryn. The moving library on a refurbished minibus is designed to bring knowledge and resources to the people of Naryn Oblast.

 

The initiative is a one-year pilot project, designed and implemented through a partnership between UCA’s Mountain Societies Research Institute and the Mountain Societies Development Support Programme (MSDSP KG), with financial support from the German Gesellschaft f?r Internationale Zusammenarbeit (GIZ) GmbH.

On 13 December 2013 the opening ceremony of the Center for Development of Clinical Skills and Knowledge Assessment will be held in Bishkek at the Kyrgyz State Medical Academy named after I.K.Ahunbaev.

December 11, 2013, Bishkek, Kyrgyz Republic—IFC, a member of the World Bank Group, is helping the countries of Central Asia create an investment-friendly business climate, part of an effort to encourage economic growth across the region.

The Executive Board of the International Monetary Fund (IMF) today completed the fifth review of Kyrgyz Republic’s economic performance under the program supported by the Extended Credit Facility (ECF). The Executive Board’s decision enables the immediate disbursement of an amount equivalent to SDR 9.514 million (about US$14.6 million) to the Kyrgyz Republic, bringing total disbursements under the arrangement to SDR 57.08 million (about US$87.6 million). The Executive Board also considered the Report on the 2013 Financial System Stability Assessment (FSSA).

The University of Central Asia’s School of Professional and Continuing Education (UCA-SPCE) held a series of social entrepreneurship seminars for youth across the Kyrgyz Republic and Kazakhstan from 4 to 21 November 2013.

On 28 November 2013, the World Bank and the Government of Switzerland have signed an agreement, establishing the Kyrgyz Republic National Water Resources Management Project Trust Fund.

On 9 October 2013, 50 students from Naryn, Kyrgyz Republic visited the University of Central Asia’s School for Professional and Continuing Education (UCA-SPCE) Town Campus to learn about landscape architecture and UCA’s main Naryn campus.