IFC invested $15 mln in sustainable development bonds in the Kyrgyz Republic for the first time

The International Finance Corporation (IFC) announced an investment of $15 million in the first ever Kyrgyz sustainable development bonds issued by the Kyrgyz Investment and Credit Bank (KICB).

The proceeds from the bond offering will be used to finance projects that contribute to the social and environmental development of the country. In particular, the investments will support small and medium-sized enterprises, including women's entrepreneurship, low-income families, sustainable agriculture, energy efficiency and renewable energy initiatives.

According to the World Bank, only 14% of small and 32% of medium-sized enterprises in Kyrgyzstan have access to credit, and the total credit deficit for small businesses is estimated at $3 billion.

The project is supported by the Private Sector Support Facility of the International Development Association (IDA) and, according to IFC, lays the foundation for future innovative financial solutions in the country.