Bishkek: The World Bank’s board of executive directors has approved a $120 million financing package aimed at developing the sustainable finance market for micro, small, and medium enterprises (MSMEs) in Kyrgyzstan. This initiative is set to bolster the country’s economic framework by providing much-needed support to these enterprises.
According to Qatar News Agency, the Asian Infrastructure Investment Bank (AIIB) is also contributing to this initiative with an additional loan of $50 million, bringing the total project value to $170 million. This collaboration is designed to foster sustainable economic growth within the country.
The project is focused on strengthening green finance, mobilizing private capital, and enhancing the capacity of local financial institutions. Special attention is being given to investments in energy efficiency, renewable energy, and environmentally sustainable practices.
Hugh Riddell, Country Manager of the World Bank Group for Kyrgyzstan, emphasized the importance of private sector-led job creation as a fundamental element of the partnership framework with Kyrgyzstan. He noted that the project is expected to contribute significantly to sustainable economic growth and the creation of thousands of jobs, benefiting both financial institutions and MSMEs.