SEF Kyrgyz Industrial Credit Bank

completed

Summary Of Project Information (SPI)Project NameKyrgyz Republic - SEF KICBRegionCentral Asia, Middle East and North AfricaSectorProject No009837Projected Board DateNovember 15, 1999Company NameKyrgyz Industrial Credit Bank (KICB)Technical Partner and/or Major Shareholders AKFED is one of the members of the Aga Khan Development Network, a group of agencies working to improve living conditions and opportunities in developing countries, particularly in Asia and Africa. AKFED supports indigenous enterprises and seeks to harness both international expertise and local know-how to the task of improving living standards. AKFED will take a 30% equity stake, with Deutsche Investitions- und Entwicklungsgesellschaft (DEG, German Development Agency), European Bank of Reconstruction and Development (EBRD) and IFC each taking 20%. The Kyrgyz government will take the remaining 10%.Project Cost Including proposed IFC investment The total project cost is estimated at US$7 million. The planned IFC investment is a 20% equity stake estimated at US$1.4 million.Location of project and Description of site KICB will be headquartered in Bishkek, Kyrgyz Republic.Description of Company and Purpose of Project The project involves the establishment of the Kyrgyz Industrial Credit Bank (KICB), a fully-fledged commercial bank with a capital of US$5 million. KICB will contribute to the economic development of the Kyrgyz Republic through the development of the financial sector and the provision of much-needed high-quality banking services to private sector clients. The establishment of such a model bank will demonstrate the potential to both local and foreign banks and will build confidence in the Kyrgyz banking sector. Environmental Category and Issues This is a Financial Intermediary (FI) Type 1. KICB will be required to (i) ensure that all subprojects conform with prevailing Kyrgyz legislation; (ii) to establish an environmental management system; (iii) submit an environmental management plan; (iv) and submit an annual environmental performance report. Date SPI sent to InfoShop October 13, 1999     “This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 974-4384