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BISHKEK. The European Bank for Reconstruction and Development (EBRD) plans to invest $1.4 in the charter capital of the Kyrgyz Credit Investment Bank now being formed. Total charter capital at the new bank will total $7 million.
Kyrgyz Credit Investment Bank will begin operations in September. It will provide loans of $250,000 - $1 million to finance promising business projects.
The Aga Khan economic development fund will be the leading shareholder with a 30% stake. Germany's DEG corporation, the International Finance Corporation and the EBRD will have 20% each. The Kyrgyz government will have a 10% stake.
The EBRD is financing 11 projects in Kyrgyzstan worth a total of $160 million.