AKIPRESS.COM - Eurasian Development Bank (EDB) and Aiyl Bank have signed a Loan Agreement to finance small and medium businesses in the Kyrgyz Republic. The Agreement was signed by Dmitry Ladikov-Roev, Managing Director for Assets and Liabilities at EDB, and Gulchekhra Kamchibekova, Deputy Chair of the Board of Management at Aiyl Bank, the EDB reported.

Under the Agreement, $5 million loan will be disbursed in several tranches, each maturing in 3 years. Clients will be selected based on certain criteria agreed with EDB.

“We are happy to continue our cooperation with Aiyl Bank, seeing it as a reliable partner for implementation of the project that will facilitate an enabling environment for sustainable development of entrepreneurship and competition in the Kyrgyz Republic,” said Dmitry Ladikov-Roev, Managing Director for Assets and Liabilities at EDB.

“Our previous experience of cooperation with EDB was productive. And I really hope that this credit facility will be used just as successfully. And our loans will contribute significantly to small and medium business development in the Kyrgyz Republic,” noted Gulchekhra Kamchibekova, Deputy Chair of the Board of Management at Aiyl Bank.

In November 2014, EDB provided a $5 million loan to Aiyl Bank under the microfinancing programme. The loan was successfully implemented, with over 300 projects financed in the manufacturing and trade sectors.