|Project Name||Azerbaijan and Central Asia Micro and Responsible Finance Project|
|Project Opening Date||2013|
|Project Closing Date||Present|
|Responsible International Financial Institution||International Finance Corporation|
To support microfinance institutions in Azerbaijan and Central Asia, help their corporate transformation processes, and generally improve the regulatory framework for microfinance in the region.
IFC helps microfinance institutions based in Central Asia:
IFC provides solutions by developing a package covering two broad areas:
Impact to Date (as of January 2014)
IFC supported the creation of the first microfinance bank in the Kyrgyz Republic. The National Bank of Kyrgyz Republic issued a banking license to Bai-Tushum and Partners, an IFC investment and advisory client, enabling it to become the first microfinance bank in the country. IFC advised Bai-Tushum throughout the transformation process, helping it to improve internal controls, information technology, investor relations, and product marketing.
IFC helped the National Bank of Kyrgyz Republic to improve legislation on the transformation of microfinance institutions into deposit-taking organizations and commercial banks. This will make it easier for other microfinance institutions to follow Bai-Tushum’s example.
The project completed extensive research on financial literacy in the country.
|Source of Funding||
|Amount of Funding||N/A|
Support of microfinance institutions in Azerbaijan and Central Asia.
|Contact Information of International Financial Institution|
|Organization/Department||International Finance Corporation|
|Address||Business Center Orion, 4th floor, 21 Erkindik Boulevard|
|Phone||+996 (312) 626 162|
|Contact Information of Project Implementer|
|Address||256, T. Tursunbaevoj Str.|
|Phone||+996 (3222) 81150|