IFC, Governments of United Kingdom and Switzerland help improve investment climate in the Kyrgyz Republic

IFC, a member of the World Bank Group, has released the results of a five-year program aimed at helping the Kyrgyz Republic improve its business environment and attract private investment, to create jobs and support sustainable economic development.

The IFC’s Central Asia Investment Climate Program in close cooperation with state agencies helped the Kyrgyz government introduce a risk-based approach to inspections, which saved businesses about $5 million in compliance costs, supported investment policy reforms that generated up to $14 million in investments, and helped with tax system reforms that saved businesses $2.2 million in 2016. The program has also led the development of new food safety legislation and initiated a number of reforms to help local food producers open new markets.

“The government has been committed to improving the business climate and we have positive results,” said Daniyar Imanaliev, Deputy Minister of Economy of the Kyrgyz Republic. “However, making the country a better place for business is a long-term process. We thank IFC for its long-standing support and look forward to working together on the next stage of reforms.”

“An attractive investment climate is a prerequisite for an economy that wants to grow and create jobs,” said Martin Naegele, IFC Country Officer. “IFC, together with the World Bank, has been helping the Kyrgyz government resolve legal and policy weaknesses, to improve the operating environment for business and unlock the country’s potential to attract new investment.”

Going forward, IFC, the UK and Swiss governments will continue supporting the country in creating a more favourable business environment, attracting and retaining foreign direct investment, and unlocking new markets for local businesses.

The Central Asia Investment Climate Program is funded by the government of Switzerland and the United Kingdom’s Department for International Development and implemented by the World Bank Group’s Trade and Competitiveness Global Practice.

Original source: IFC
Published on 14 December 2017