The financing of projects under KIVA initiative exceeded 1 mln. US dollars
The Company with support of KIVA Microfunds has funded the projects of socially vulnerable population for an amount exceeding 1 mln. US dollars. From July 2010 KIVA project has covered more than 600 people – those are the people with low incomes, involved into entrepreneurship in rural areas. It is important to stress that the loans for this category of clients are provided under preferential interest rate. The special line of activities of the Company is the support of women entrepreneurs in the regions that is why in January 2012 the Company’s management has made a decision to focus KIVA project in its entirety at financing women’s businesses.
“I would like to stress that our Company is one of the first microfinance institutions in the Kyrgyz Republic to join in 2010 KIVA social initiative, which is aimed at support of people with low incomes. Being a socially oriented Company, we understand the importance of such projects that is why in the past year we have introduced a new product “Aiylkurulush”, which is aimed at funding of rural dwelling construction. This product is unique in the market and is popular among population in the regions”, – noted Nurgul Torobaeva, the Deputy General Manager.
Bazarbek uulu Boobek, the senior loan officer of Karabuura region, emphasized: “The majority of population with whom we work in the regions are doctors, teachers, single mothers, people who became unemployed and have to start their business to maintain their families. And with the help of KIVA Microfunds we help them in this. I would like to note that the clients are thankful to our Company for an opportunity to participate in this project and get a preferential interest rate”.
As a reminder, KIVA Microfunds is an Internet platform, uniting people for the purposes of lending to socially vulnerable population worldwide and contributing to global activities to overcome poverty. Kiva Microfunds cooperates with 144 Microfinance institutions in 60 countries worldwide.