International Finance Corporation – Improving Investment Climate in the Kyrgyz Republic

Print Friendly
Project Status: Active
Project at-a-glance
Project Name Improving Investment Climate in the Kyrgyz Republic
Sector/Subsector Governance
Country Kyrgyz Republic
Project Opening Date 2009
Project Closing Date Present
Responsible Institution
Responsible International Financial Institution International Finance Corporation
Objectives
Strategic Agenda

To support the Kyrgyz government’s inspections reform efforts, which are centered on improved governance, greater sustainability, and risk-based planning, with a focus on achieving better implementation.

Description

IFC has been helping the Kyrgyz Republic enhance its policy framework and strengthen its investment climate. This project supports the Kyrgyz government’s inspections reform efforts, which are centered on improved governance, greater sustainability, and risk-based planning, with a focus on achieving better implementation.

Its agri-business component is designed to help develop a food safety framework and harmonize agribusiness regulations with WTO standards with the aim of enhancing the export potential of the country’s agricultural products. The Project works with food regulatory bodies to build capacity to implement modern food safety control.

To improve the investment policy framework, the project helps the Kyrgyz Government review investment laws, develop regulations, and ensure adherence to international best practices.

Since 2008, IFC has been helping the Kyrgyz government establish transparent and effective business regulations and create a favorable environment for entrepreneurs. As of today, IFC’s key achievements include:

  • The project helped adopt new legislation on inspections, introducing a risk-based approach, which significantly decreased the burden on entrepreneurs.
  • The project helped simplify VAT reporting, saving the private sector an estimated $2.3 million every year.
  • The project developed and launched advanced online inspection planning tools for the government.
  • To increase awareness and regulations compliance capacity, the project conducted 90 workshops and information campaigns for SMEs and government officials.
  • Via an SME survey, the project found the main policy gaps and laid the groundwork for informed policymaking. The government views the survey findings as a significant contribution to better policy formulation.
Source of Funding
  • International Finance Corporation
  • The government of Switzerland
  • The United Kingdom’s Department for International Development (DFID).
Amount of Funding N/A
Project Outcome

Improved governance, greater sustainability, and risk-based planning, with a focus on achieving better implementation.

Business Opportunities
Consulting Services

N/A
For possible business opportunities visit eConsultant2

Procurement

N/A
For possible business opportunities visit eConsultant2

Contact Information of International Financial Institution
Organization/Department International Finance Corporation
Name Serhiy Osavolyuk
Address Business Center Orion, 4th floor, 21 Erkindik Boulevard
Province/State Bishkek
Postal Code 720040
Country Kyrgyz Republic
Phone +996 (312) 626 162
E-mail

SOsavolyuk@ifc.org

Website

www.ifc.org