Projects in the Kyrgyz Republic

Project Summary Documents

Project Summary Documents (PSDs) are disclosed for each project prior to Board consideration. They contain project descriptions, financial details, client information, environmental issues, tender guidelines, and contact details. PSDs for private sector projects are disclosed at least 30 days prior to Board consideration and for state sector projects, at least 60 days.

Project Summary Documents 

Signed projects

Board approval is the final stage in the project approval process. After Board approval, the EBRD and the client sign the deal and it becomes legally binding. Signed project lists reflect year-end data.

Signed projects  (0.1Mb) 

Bai Tushum

The EBRD is providing Bai Tushum, one of the leading micro finance institutions in the Kyrgyz Republic, with a US$ 1 million guarantee in order to receive local currency loans from Kyrgyz banks. Bai Tushum will use the loans for on-lending to local micro and small enterprises, thus significantly easing their access to finance.

The EBRD’s guarantee is the first of its kind under the Non-bank Micro-finance Institutions Framework II for Early Transition Countries (ETC). The new product is expected to be in great demand and two or three leading banks in the Kyrgyz Republic will participate in the facility.

Established in 1997, Bai Tushum has become a leading microfinance institution in the Kyrgyz Republic and has a strong rural focus. The institution offers a range of different agricultural loans for crop production, livestock and agri-processing. The majority of the portfolio is outside the capital Bishkek and Bai Tushum currently has around 5,000 clients. Of all outstanding loans, 40 per cent are for less than US$ 1,000.

Bai Tushum has won international recognition for its activities. In 2005, the microfinance institution received an A+ grade in an international rating process conducted by the Italian Microfinanza Company certified by the World Bank – Consultative Group to Assist the Poor. A+ means high reliability and high level of operation and stability of Bai Tushum even under unfavourable conditions.

The EBRD’s Non-bank Microfinance Institutions Framework for Early Transition Countries aims to strengthen microfinance institutions in the Bank’s eight poorest countries of operations. Loans are provided for on-lending to the smallest borrowers across the ETC countries: Armenia, Azerbaijan, Georgia, the Kyrgyz Republic, Moldova, Mongolia, Tajikistan and Uzbekistan. The facility is accompanied by a technical cooperation framework funded by donor governments.

Hotel Hyatt - Regency Bishkek (former Hotel Kyrgyzstan)

In 1997 the EBRD lent €8.4 million to Italkyr, a Kyrgyz joint-stock company supported by the international hotel operator Hyatt International Corporation. The loan was used to convert Hotel Kyrgyzstan, an existing hotel located in the centre of Bishkek, into a five-star international standard hotel, at a total project cost of €24.5 million. The project also supports the development of the nascent tourism sector. Hyatt Regency Bishkek opened in March 2001, providing Bishkek and the Kyrgyz Republic with its first world-class accommodation for business and tourism.

Interglass

In December 2004 EBRD signed a loan agreement with Interglass, a Kyrgyz subsidiary of Steinert Industries (Germany).

The five-year loan of EUR5.5 million will be used to finance investments to increase efficiency and profitability of operations at the Interglass float glass plant.

The investment program includes introduction of two new production lines for silver/mirror glass and tempered glass which will add value to the current flat glass production, and additional working capital to serve increasing production and sales. The program includes energy efficiency components targeted to reduce overall energy consumption of the plant and improve energy efficiency of the operation.

Steinert purchased the non-operating float glass plant in 2000. Following rehabilitation with technical assistance of the German glass industry consultants, Steinert re-commissioned the plant in 2002 and started  production of international standard glass.

Interglass now is a leading glass manufacture in the CIS, producing about 9 million sq. meters of glass per year and supplying local and regional markets, including Kazakhstan, Russia and even Afghanistan.

Abdysh–Ata

In December 2005, Abdysh–Ata, a Kyrgyz beer brewer, was the first recipient under a sub-loan from the Multi-project Co-Financing Facility which the Bank arranged with Kyrgyz Investment Credit Bank (KICB). The loan of €900,000 is jointly financed by EBRD and KICB and is used to address the bottlenecks through acquisition of tanks and a new bottling line. Abdysh–Ata is now the market leader in the Kyrgyz Republic.