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Bishkek, 2^nd December, 2009 - Kyrgyz Investment and Credit Bank (KICB) and European Bank for Reconstruction and Development (EBRD) signed an agreement for US$ 5 million in long-term debt financing to KICB.. The agreement signed by Mr. Kwang-Young Choi, Chief Executive Officer of KICB, and Mr. Kenji Nakazawa, Head of the EBRD Resident Representation in the Kyrgyz Republic.

“KICB continues to play a strong role in the field of private sector financing, and this credit line is an important milestone in the bank’s development, as it allows us to expand the provision of medium and long-term financing to MSME sector” said Mr. Kwang-Young Choi, Chief Executive Officer of KICB. He pointed out that the bank has achieved good results in building strong credit portfolio and KICB will further support sustainable private sector companies.

“This transaction reinforces the EBRD’s commitment to support the development of the private businesses in the Kyrgyz Republic and to strengthen the financial sector in the country”, said Mr. Kenji Nakazawa.

The European Bank for Reconstruction and Development has cooperated with KICB for many years, having already provided in excess of USD 10 million in financing. KICB is a leader in providing medium and long-term credit within the Kyrgyz Republic and utilizes credit lines from international financial institutions to finance private-sector projects in various sectors of the economy, including: construction, transportation, agriculture and services.