Bishkek Hosted a Groundbreaking Expo of Financial Institutions during GEW 2022

On November 24, 2022, the Kyrgyz Republic hosted the first-ever exhibition of development financial institutions, IBC FinEx 2022. The event brought together major international financial institutions, private equity, and development funds that provide financing to the private sector in Kyrgyzstan, as well as interested representatives of the business community.

The platform offered an excellent opportunity for stakeholders to find funding sources and platforms, ask questions, and exchange experiences. Financiers presented their programs and financing terms, provided examples of successful project implementation, and representatives of the business community obtained the necessary information on various options for supporting and developing businesses through the financial instruments offered at the exposition.

The lack of availability of financing remains one of the main challenges for businesses in Kyrgyzstan, particularly for small and medium-sized businesses. High interest rates on loans and a lack of capital investment practices are among the main issues. The stock exchange and securities market also require development.

On the other hand, a number of international financial institutions and development funds were ready to provide financial resources on more affordable terms. However, companies must meet certain requirements. The IBC FinEx 2022 aimed to bridge the gap between businesses and development institutions by providing a platform for businesses to understand the requirements and strengthen their potential for obtaining funding.

"Seeing this picture, when, on the one hand, businesses are looking for funding and cannot get it, and on the other hand, a fairly impressive number of development institutions are ready to provide affordable funding, we got the idea to advance this process," the head of the IBC explained. "To do this, we brought together financial development institutions, businesses, as well as those who provide services for the business community to receive financing - these are brokerage companies, consulting agencies, accelerators, and international development projects."

The event received the support of the Deputy Minister of Economy and Commerce of the Kyrgyz Republic, Kanat Abdrakhmanov, who spoke about the measures taken by the Cabinet of Ministers of the Kyrgyz Republic to consolidate the resources of development institutions to support and develop the private sector. IBC FinEx 2022 was an important step towards providing businesses with access to funding and promoting economic growth in Kyrgyzstan. The official partners of the event were the International Business Council and Accelerate Prosperity, a business accelerator.