RSF- KICB Unfunded Kaindy Kant Extension


Kyrgyz Republic

Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

19 Oct 2021



PSD disclosed:

10 Nov 2021

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

The provision of a revolving working capital loan of US$ 500,000 to Kaindy Kant OJSC a sugar producer based in the Kyrgyz Republic. The loan will be provided under the risk sharing facility (RSF). 


Project Objectives

The RSF Loan will be used to finance direct cash payments to sugar beet farmers.

Transition Impact

ETI score: 60

Resilient: Transition impact under the RSF is mainly expected to derive from skills transfer to the Partner Bank, in the areas of financial analysis, risk assessment and project management.

Competitive: RSF facilitates access to finance for SMEs, supporting their growth and competitiveness.

Currently RSF is rated at the framework level and the sub-projects are not given individual ETI ratings. The PTI of the framework is 60. 

Client Information


Kaindy Kant OJSC, a leading sugar producer in the Kyrgyz Republic.


EBRD Finance Summary

USD 500,000.00

Total Project Cost

USD 1,000,000.00


Under RSF, additionality stems from the following:

- the EBRD is offering an innovative financing structure (e.g. mezzanine financing, risk sharing, etc.) on commercial terms not available from other banks: risk participation to help partner banks with capital and liquidity constraints.

- the EBRD is offering a tenor, which is above the market average and is necessary to structure the project.

- EBRD is offering local currency financing on terms not readily available in the market.

Environmental and Social Summary

Categorised B (ESP 2019) and Low Medium risk.  The Partner Bank has provided a completed environmental and social questionnaire for the proposed transaction which shows that the client is in compliance with local environmental and social regulations.  ESD visited the manufacturing facility in question in 2017 and viewed operations and interviewed management on their risk management policies and procedures.  Due diligence at that earlier time showed that the site had both the capacity and capability to carry out works in line with the Bank's requirements. The current loan is for the purposes of working capital and as such, the potential EHSS risks associated with this transaction are low.  No mitigation actions are required.  

Technical Cooperation and Grant Financing

TC: €56,000 International Advisory project to improve the operational efficiency of the Borrower, energy efficiency and draft a long-term development strategy; €8,550 project with a local consultant to prepare the business plan; €12,120 project with a local consultant to review the Company's financials. €2,600 (the EBRD's part €1,300 or 50 per cent) in 2018-2019, €1,734 (the EBRD's part € 867 or 50 per cent) in 2019-2020 to cover the monthly monitoring of sugar collateral.

Total TC amount: €79,270. Borrower's contribution was €17,852 (23 per cent).

Non-TC: None

Company Contact Information

Bektur Aliev, CEO
+996 312 620 101
+996 312 620202
KICB Erkindik 21

PSD last updated

11 Nov 2021

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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