The financing agreement concluded by Bai-Tushum Bank and FMO (Dutch development bank) provides new opportunities for SME, women owned and young entrepreneurs
On March 19, 2019, Bai-Tushum Bank and FMO (Dutch development bank) signed a loan agreement in amount of $7.5 million. Funds will be disbursed to the Bank for the period of 3 years and will be used to finance small and medium enterprises, aimed at supporting women owned SMEs and young entrepreneurs. Such financial support will provide effective assistance in small and medium businesses development and will contribute to the creation of new jobs as well.
“For us, the signing of the agreement with FMO tells about the trust to our bank from the side of leading international investor supporting the steady development of the private sector. FMO’s support is an important step in the development strategy implementation designed to SME loan expansion”, Maksatbek Ishenbaev, “Bai-Tushum” Bank Chairman of Executive Committee said. “Under the signed agreement the agricultural sector business projects including livestock, crop and horticulture, trade, sewing workshops and processors of agricultural products as well will be financed.”
Through the 18 years of its operation, the Bank entered the top 10 largest financial institutions in the Kyrgyz Republic in terms of its key indicators with the total assets amounting to KGS 7.63 billion and with the client base of more than 130 thousand people and companies. Possessing a wide branch network (61 servicing offices), “Bai-Tushum” Bank provides entrepreneurs and individuals with a full range of financial services throughout the Kyrgyz Republic. For more information visit www.baitushum.kg
FMO is the Dutch development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a more than 45-year proven track-record of empowering people to employ their skills and improve their quality of life.
FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With a committed portfolio of EUR 9.6 billion spanning over 85 countries, FMO is one of the larger bilateral private sector developments banks globally. For more information: please visit www.fmo.nl
Press contact FMO:
Senior Corporate Communications
T: +31 70 314 9928
M: +31 6 11589127
Press contact “Bai-Tushum” Bank:
Head of marketing & PR department