Prospects for a new IFC project to improve the investment climate in Kyrgyzstan discussed

IBC Executive Director Askar Sydykov and IFC experts Olga Koldasova and Syinat Arynova discussed today prospects for a new IFC project to improve the investment climate in the Kyrgyz Republic, including facilitating the resolution of disputes with investors and creating an enabling environment for them.

In December 2017, IFC, a member of the World Bank Group, informed on the main results of the five-year program of assistance to the Kyrgyz Republic to improve the business environment and promote private investment to create jobs and support sustainable economic development. This initiative is part of the IFC Program for Improving the Investment Climate in Central Asia, funded by the Government of Switzerland and the British Ministry of International Development.

IFC, together with the World Bank, is helping the Kyrgyz Government improve the regulatory framework, and business environment and reveal the country's potential for attracting new investments.

The Swiss Government and WBG/IFC continue supporting the Kyrgyz Republic to create more favorable business environment, attract and retain foreign direct investment, and unlock new markets for the local businesses.

In December 2017, IFC, a member of the World Bank Group, released the results of a five-year program aimed to help the Kyrgyz Republic improve the business environment and promote private investments to create jobs and support sustainable economic development. The initiative is part of the IFC Central Asia Investment Climate Program funded by the government of Switzerland and the United Kingdom’s Department for International Development.

The project helped the Kyrgyz government introduce risk-based inspection system that reduced the inspections burden: compliance costs for the private sector have been reduced by an estimated $5 million over the past few years. IFC support to investment policy reforms generated an estimated $14 million additional investment to the economy. The tax system reforms, which was another component of the project has enabled businesses to save $2.2 million in 2016 only.

The Program also ensured the development of relevant legislation as regards food safety, and initiated a number of important reforms to help local food producers to access new markets.