Eurasian Integration Yearbook 2012

Ella Baybikova. “Multilateral and Regional Development Banks in Northernand Central Eurasia: Overview of Activities in 2011”2011: Data and ReviewsThe World Bank GroupIn June 2011, the WB approved Second Additional Financing to support theongoing Health and Social Protection Project (HSPP) in the Kyrgyz Republic.The funding in the amount of $24 million consisted of a $13.2 million highlyconcessional IDA credit with a maturity of 40 years and a 10-year grace period,and a $10.8 million IDA grant.In August 2011, the WB provided a $30 million additional financing (IDA creditof $16.5 million and IDA grant of $13.5 million) for the Economic RecoverySupport Operation (ERSO) for Kyrgyzstan to support Government’s reformsfor improving governance and strengthening accountability mechanisms, andfor post-conflict recovery, transition to medium term growth and povertyreduction.Moreover, WB approved an additional grant in the amount of $1 million tosupport the Disaster Hazard Mitigation Project in Kyrgyzstan to minimise theexposure of humans, livestock, and riverine flora and fauna to radionuclidesassociated with abandoned uranium mine tailings and waste rock dumps inthe Mailuu-Suu area; improve the effectiveness of emergency management andresponse by national and sub-national authorities and local communities todisaster situations; and reduce the potential loss of life and property in keylandslide areas of the country.IFC approved a $2.5 million loan to Magic Box, the leading producer of smallcardboard packages in the Kyrgyz Republic with exports to Kazakhstan andTajikistan. The funds will help finance the Company’s expansion.On April 21, 2011 IFC approved a $6 million senior loan (or local currencyequivalent) to FINCA MicroCredit Company, a leading microfinance companyin Kyrgyzstan. Proceeds of the loan will be used to finance the expansion ofFINCA’s lending to micro and small entrepreneurs.Eurasian Development BankKyrgyz Republic completed the necessary procedures for joining the EDBand became its sixth full-fledged member in 2011. Thus, the EDB has notcommenced the financing of investment projects in the country that year.European Bank for Reconstruction and DevelopmentDuring the period under review, the EBRD financed six projects in the KyrgyzRepublic for a total amount of around $56 million.The EBRD provided a $10.1 million sovereign loan, accompanied by a $5.5million grant from the EBRD’s Shareholder Special Fund for development of thepublic transportation system in Kyrgyzstan, including the acquisition of about 44high-floor and 32 low-floor (accessible for disabled passengers and passengerswith prams) trolleybuses, and partial upgrade of related infrastructure.Eurasian Development Bank333