Bai-Tushum Bank takes part in conference Women’s Economic Empowerment in the Kyrgyz Republic

On March 4, Bai-Tushum Bank took part in the Women’s Economic Empowerment in the Kyrgyz Republic conference, devoted to interim overview of Women’s Entrepreneurship Development project implementation. The project was initiated by the Ministry of Economy of the Kyrgyz Republic and the Asian Development Bank, and has been implemented at Bai-Tushum Bank and other financial institutions since 2013.

The conference discussed the matters pertaining to the enhancement of women’s entrepreneurial capacity, role of state and business associations in the development of women’s entrepreneurship, and raised the issues pertaining to financial literacy. Bai-Tuhsum Bank presented the interim outcomes of the project being implemented. Currently, the project associated with Ishker Aiym product provided financing to 42 women in the amount of more than KGS 11 mln., more than 100 people were trained on business planning, budgeting, financial literacy and marketing. The Bank financed women, who launched garment shops, kindergartens, small poultry farms, built small greenhouses and expanded confectionary production.

“Since its establishment Bai-Tushum Bank has been supporting women entrepreneurs. In the course of special projects implementation and the launch of new products with a view to support women’s entrepreneurship, we understood that the provision of soft financing was insufficient, it was necessary to provide special training. That is why in the past 3 years we launched projects containing a training component. I would like to point out that the knowledge received in the training has delivered good results. Just under this project the women borrowers of Bai-Tushum Bank who received financing, created 73 jobs, and their business is successfully developing.  In addition, I would like to point out that in running and developing their business, women face such difficulties as the recruitment of qualified staff and the lack of technology knowledge. It is especially crucial for the establishment of business pertaining to garment and hospitality activities, construction of greenhouses. That is why it is necessary to consider opening special training centers in Kyrgyzstan”, – points out Nurgul Torobaeva, Deputy General Manager.

Kanykei Kozubaeva, programme participant, points out: “Previously I had a gap in the knowledge of how to develop and efficiently manage business, and my business was not evolving and I had no idea what to do. After completing the programme training the most important thing was that I got rid of the fear of borrowing loan. I borrowed loan to purchase sewing machines, hired 4 employees, established a sales outlet at the market in the city of Osh. Moreover, my workshop employs women who find themselves in a challenging situation: single mothers and widows. Now my business develops successfully. I earn enough money to repay the loan on time. I would like to emphasize that women would have no fear of borrowing, if there were more such training programmes, including those devoted to financial education”.