With respect to the signed on April 5, 2019 the Framework Agreement for USD 150 million between the Kyrgyz Republic and the International Islamic Trade Finance Corporation (ITFC), commercial banks and microfinance organizations of the country, with the support of the National Bank, started activities for the implementation of the approved amount. ITFC has approved USD 4 million line of finance in favor of two financial institutions operating in the Kyrgyz Republic. It is planned that financial and credit organizations of the Kyrgyz Republic will continue further work aimed at establishing partnership relations with the ITFC and disbursement of the amount in accordance with the terms of the agreement.
Understanding about this agreement was reached during the first visit of the ITFC mission to the Kyrgyz Republic in September 2018. The delegation of the mission met with Tolkunbek Abdygulov, the Chairman of the National Bank (the IsDB Alternate Governor for Kyrgyz Republic). The participants in the meeting discussed cooperation and the signing of the Framework agreement between the ITFC and the Kyrgyz Republic. The ITFC mission with the National Bank representatives had meeting with commercial banks and microfinance organizations of the Kyrgyz Republic on financing facilities for the trade development.
The second visit of the ITFC delegation was held from January 28 to February 1, 2019 in Bishkek. ITFC, with the participation of the National Bank, had meeting with government bodies, commercial banks and microfinance organizations of the Kyrgyz Republic to discuss the financing from ITFC.
For reference: The International Islamic Trade Finance Corporation (ITFC) is an entity within the Islamic Development Bank (IDB) Group. Its primary focus is to encourage intra-trade among Organization of Islamic Cooperation (OIC) Member Countries. The Corporation helps businesses in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools in order to help them compete successfully in the global market.».