KICB and ADB signed a loan agreement worth U.S. $ 10 million

Bishkek, Kyrgyz Republic, May 17, 2012 - Today Kyrgyz Investment and Credit Bank (KICB) and the Asian Development Bank (ADB) signed a loan agreement worth 10 million U.S. dollars to encourage the development of small and medium-sized businesses in the Republic. KICB became the first bank in Kyrgyz Republic, which the Department for private sector operations of ADB has provided support.
The signing of the agreement was attended by Chairman of the Board KICB Kwang-Young Choi and Vice-President of the ADB Lakshmi Venkatachalam.
With this credit line for 8 years, KICB increase its financial capacity to provide credit to small and medium-sized businesses in various sectors of the economy of Kyrgyzstan, including: manufacturing, agriculture, transport, trade and commerce, tourism and services.

"We are encouraged by the signing of the agreement, as this event symbolizes the confidence of the ADB in creditworthiness of KICB and Corporate Governance Bank International shareholders and the government of Kyrgyzstan - said Kwang-Young Choi. - KICB continues to play an important role in financing of the private sector, and this creditline is another important milestone in the development of the bank. The use of the proceeds will let KICB expand its activities in rural areas through the introduction of innovative mobile banking. "In the short term KICB plans to introduce mobile banking, which will be an important step in the establishment of the bank as a leading player in the market of Kyrgyzstan.

Since its opening in 2001, KICB attracted long-term, medium-and short-term creditlines from international financial institutions, in the amount of 63.7 million U.S. dollars to encourage economic development in the Kyrgyz Republic.

Currently KICB serves over 60,000 customers through 19 branches in all areas of the country. The share capital amounts 26.3 million U.S. dollars, including the charter capital in the amount of 17.5 million U.S. dollars, making it the largest in terms of capital bank in the Kyrgyz Republic.

JSC "Kyrgyz Investment and Credit Bank» (KICB) was established in 2001, with an initial registered capital of 7 million U.S. dollars. Shareholders are world-renowned international financial institutions (90%) and Kyrgyz Republic (10%). International shareholders include Fund for Economic Development Aga Khan Foundation (AKFED) - 21%, Habib Bank Limited (HBL) - 18%, the German Development Bank (DEG) - 17%, the European Bank for Reconstruction and Development (EBRD) - 17%) and the International Finance Corporation (IFC) - a member of the World Bank Group - 17%. The company KfW is co-founder of the bank and notedly provides access to long-term financial resources.

The Asian Development Bank (ADB) - one of the major development partners in the Kyrgyz Republic. ADB assistance is aimed at supporting the development of transport, energy and infrastructure, at improving the economic governance of the education sector, urban and rural infrastructure.

For more information please contact:

Alevtina Furrer

Tel. + (996 312) 976 797 (ext. 1280)

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