FMFC is the first financial partner of EBRD Women in Business programme

FMFC is the first financial partner of EBRD Women in Business  programme

Women entrepreneurs in the Kyrgyz Republic will benefit from First MicroFinance Company (FMFC) becoming the first financial institution in the country to join the EBRD Women in Business (WiB) programme in Central Asia, which also supports women’s entrepreneurship in Mongolia, Tajikistan and Uzbekistan.

The EBRD is providing FMFC with a local currency loan of US$1 million equivalent for on-lending to women-led micro, small and medium-sized enterprises (MSMEs) and will promote women’s entrepreneurship and participation in business by assisting with access to finance, know-how, technical advice and policy dialogue.

The start of the Women in Business programme was announced today at an official ceremony attended by Altynai Omurbekova, Vice Prime Minister of the Kyrgyz Republic and the EBRD Director for Kyrgyz Republic, Tajikistan and Turkmenistan, Neil McKain.

The programme is supported by the Women Entrepreneurs Finance Initiative (We-Fi) and will offer a comprehensive package of financial and technical support for female business leaders in the Kyrgyz Republic designed to improve MSMEs’ competitiveness.

Swiss Government through the Swiss State Secretariat for Economic Affairs (SECO) is also supporting WiB programme by providing advisory services through the EBRD Small Business Impact Fund (other donors include: Italy, Japan, Korea, Luxembourg, Sweden, Taipei China and the USA). In the Kyrgyz Republic, small businesses are responsible for around 40 per cent of GDP but only one third of these companies are owned or led by women entrepreneurs.

The EBRD has invested almost €790 million through 191 projects in the economy of the Kyrgyz Republic, with a majority of investments supporting private entrepreneurship.

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