OREANDA-NEWS. On 23 April 2009 IFC, a member of the World Bank Group, released the results of a three-year program to help Kyrgyzstan develop its leasing market. With support from the Swiss government, IFC assisted local participating financial institutions in closing USD 2.8 million leasing transactions and enabled them to attract USD 5 million in additional investment.  With the IFC’s help the Kyrgyz leasing market has grown by USD 1.5 million from 2005 to 2008.

IFC also helped the Kyrgyz government to amend the country’s tax code, removing a major administrative obstacle to the leasing sector’s development in 2008. As a result, the local leasing market tripled in that year. IFC has been supporting leasing development in Kyrgyz Republic with funding from the.

“Leasing is one of the means to increase access to finance and create employment in the country.  The Swiss Government is satisfied that IFC played a significant role in supporting these endeavors by the Kyrgyz government and private sector,” – said Andrea Studer, Deputy Country Director, Swiss Cooperation Office in the Kyrgyz Republic.

To develop institutional capacity of leasing institutions, IFC trained over 230 leasing specialists in leasing basics, credit analysis in leasing, microleasing, risk management, human resources management, financial analysis and monitoring of leases.

On April 30, IFC completes its leasing development activities in Kyrgyz Republic. The Union of Kyrgyz Banks will take over the lead from IFC in lobbying for leasing market interests, conducting leasing training and publishing results of the annual market survey upon the project’s completion. The Union will also manage a web-site page on leasing issues: www.ub.in.kg/leasing.

“Through legislative initiatives and capacity building of the local financial institutions, IFC has created a favorable environment for further leasing growth in the country. We are the Union of Kyrgyz Banks is committed to further support the leasing market development in the Kyrgyz Republic,” – said Anvar Abdraev, the President of the Union of Kyrgyz Banks.