KICB SL

completed

The proposed investment is to provide up to $5.0 million senior loan to Kyrgyz Investment and Credit Bank (KICB or the Bank), an existing IFC client, one of the most active providers of financial services to private companies and individuals in the Kyrgyz Republic. IFC would play an important developmental role by providing KICB with additional longer term resources for on-lending to Micro, Small, and Medium Enterprises (MSME), with focus in agriculture sector and increasing its lending operations in rural areas, which have limited access to long term funding.Kyrgyz Investment and Credit Bank is a closed joint-stock company, which was incorporated in the Kyrgyz Republic in 2001. Since the Bank was established, the Bank has gradually developed as one of the leading providers of financial services to private companies in the country. This is due to a strong board, good management and well developed operating processes. KICB is currently the fifth largest bank in terms of total assets and the fourth largest bank in terms of total capital in the country. KICB has so far expanded its operations in Bishkek, Osh, Jalalabad, Naryn, and Karakol. KICB financial position and performance has been satisfactory and improving over the period. Driven by the strong growth of its loan portfolio, the Bank’s total assets have increased notably from $21 million at December 31, 04, to $32 million (52% growth) at December 31, 05, to $47 million (47% growth) at December 31, 06, and further to $84 million (80% growth) at December 31, 07. This trend continued in 2008 with total assets reaching $92 million equivalent, as of March 31, 08, registering 10% growth.