Bai-Tushum Bank jointly with the German Development Bank (KfW) and the Ministry of Finance of the Kyrgyz Republic are launching a new housing product “Jarkyn Jashoo”
On July 1, 2013, Bai-Tushum and Partners Bank and the Ministry of Finance of the Kyrgyz Republic signed an agreement under the program of cooperation between the German Development Bank KfW and the Kyrgyz Republic.
The main purpose of the “Housing Finance Program” is to provide access to concessional finance for property acquisition and reconstruction or repair to middle-and low-income families in rural areas.
“The problem of affordable housing remains unresolved, the problem of aging housing stock is growing in the regions, – said Gulnara Shamshieva, General Manager of Bai Tushum & Partners MF Bank JSC. High prices of estate property and low incomes of the population are the main barriers that prevent people from improving their living conditions. The goal of our Bank is to make housing finance affordable for low and middle-income people, and Jarkyn Jashoo soft loan specially developed by the Bank jointly with the German Development Bank (KfW) consultants will help our clients to buy estate property, build a new house or just make a good repair.”
“We welcome the fact that the people of the country will be able to improve their living conditions thanks to funding provided by the German Development Bank KfW, on behalf of the German Government, these funds are allocated for an important goal,” – said the Director of the KfW Regional Office for Central Asia Mr. Stefan Lutz.
As part of Jarkyn Jashoo loan program the Bank offers clients an opportunity to save the initial (own) contribution on time deposits while reducing the principal amount of the loan, and thus save on the interest. It is noteworthy that customers will be provided with free technical and advisory support in the form of free educational video materials “Cozy house with own hands”, which provides an opportunity to insulate house walls and install plastic windows on one’s own.
About the German Development Bank (KfW)
KfW Development Bank carries out its work on behalf of the German Federal Ministry for Economic Co-operation and Development (BMZ). KfW finances investment and accompanying advisory services in developing and transition countries. In their projects, they work together closely with the organizations of technical cooperation. In order to heighten the developmental benefit for the partner country and put the funds to more efficient use, KfW Development Bank focuses its support on four areas in which it has many years of experience and special know-how: economic infrastructure, social infrastructure, efficient financial systems, agriculture and resource protection. KfW Development Bank started co-operation with the Kyrgyz Republic in 1993.
About the Bank “Bai-Tushum and Partners”
«Bai-Tushum and Partners» was founded in 2000 by the American international organization of development ACDI/VOCA. In November 13, 2012 “Bai-Tushum and Partners” became the first microfinance organization in the Central Asia obtained full banking license from the National Bank KR. For 12 years activity the organization became the one of the large microfinance institutions in the Kyrgyz Republic with total assets of 100 million US dollars. Today, Microfinance Bank “Bai-Tushum and Partners” entered to six large banks of the Kyrgyz Republic, serving of more 30 thousand clients.