The JSC “MCC FINCA” and the Ministry of Finance of the Kyrgyz Republic have signed the first agreement on cooperation. The German Development Bank KfW will provide funds within this project.

Credit line in amount of 2,5 million EURO in som equivalent will be provided in a framework of the KfW project – Rural Financing and the Programme of Financial System Development in rural area of the Kyrgyz Republic.

KfW invited FINCA to take part in this project considering history, branch network, principles of operation, credit portfolio, which is for 56% is composed of the loans financing rural area. Company’s funds will be provided for six years with grace period of two years. Specific features of the FINCA credit line are that finance will be provided in the national currency. The company, in its turn, will provide loans as priority to those customers who will apply in order to get investment in fixed assets.

KfW project supposes to provide 12,5 million EURO (11 million for investment, 1,5 million EURO – grant for technical assistance) to several microcrediting companies and commercial banks of Kyrgyzstan.  2,5 million EURO will be given to our company.

KfW on behalf of the German Government helps the financial institutions in the Kyrgyz Republic to implement new programmes on housing financing, and encourages implementing of the programme on financial literacy. KfW invests in the municipal infrastructure and governance ensuring improved access of the rural population to social services enhancing quality of life at the same time.