CJSC MFC Bai-Tushum & Partners increased its chartered capital up to KGS 615 million through the entrance of new international investors
Within the framework of strengthening the institutional potential and to support further growth the Bai-Tushum & Partners increased its chartered capital up to KGS 615 million through the entrance of new international investors: BlueOrchard Private Equity Fund S.C.A., and Credit Suisse Microfinance Fund Management Company. Increasing chartered capital will enable the Company to implement one of the main strategic objectives for the transformation of the microfinance company Bai-Tushum & Partners into a microfinance bank, and will give opportunity to continue its dynamic development while strengthening its market positions.
“With the entrance of new international investors into capital of the Company, we hope not only to increase chartered capital, but also to gain required international experience of highly qualified experts in banking and social finance. We are confident that experience of our international investors will allow us further to make significant contribution in development of micro entrepreneurship in regions, as well as job creation in rural area”, said Gulnara Shamshieva, General Manager of the CJSC MFC Bai-Tushum & Partners.
The CJSC MFC Bai-Tushum & Partners has been operating in the micro lending market since 2000, having started its activities in 1997 as an international project within the monetization program Food for Progress conducted by the US NGO ACDI/VOCA. Today Bai Tushum & Partners is one of the leaders of the microfinance sector, being one the three largest microfinance institutions in the Kyrgyz Republic. Among partners of the Company are International Finance Corporation (IFC), USAID, European Bank for Reconstruction and Development, GiZ, Blue Orchard S.A., Symbiotics S.A, Oiko Credit, Triple Jump, Developing World Market, Frontiers, Global Microfinance Facility and Hivos Triodos Investment. The mission of the CJSC MFC Bai Tushum & Partners is to contribute to the economic development of the Kyrgyz Republic through the delivery of microfinance services in rural and urban areas that lead to increased employment and meet the interests of both clients and investors.
Today CJSC MFC Bai-Tushum & Partners is a steadily growing company and is one of the three largest microfinance companies of the Kyrgyz Republic, taking market share over 22%. Loan portfolio volume based on results of 7 months of 2011 has increased by 36.4%, and has made up over KGS 2.4 billion, quantity of clients reached over 35 thousand people. Within the last 7 months the Company managed to significantly increase its loan portfolio and increase a client base, thereby confirming its competitive position on micro lending market.
BlueOrchard Private Equity Fund S.C.A., registered in Luxembourg, cooperates with leading microfinance institutions all over the world. It has been cooperating with CJSC MFC Bai-Tushum & Partners since 2003. Fund’s mission is to expand opportunities and increase living standards of people with limited access to resources all over the world. The philosophy of the Fund is based on belief, that microfinance is the most important tool of economic development and poverty alleviation. Thus BlueOrchard invests in microfinance in order to assist to employment, as well as to generate income.
Credit Suisse Microfinance Fund Management Company, registered in Luxembourg and acting in favor of Global Microfinance Fund responsAbility, is one of the global leaders on assets management of social investors in developing market in developing countries.