CJSC FINCA Bank decided not to proceed with the project due to impact of COVID-19 on the Kyrgyzstan economy and their ample liquidity.
|Project Name||Rural Financial Inclusion for Women Project|
|Borrower/Company||CJSC FINCA Bank
KYRGYZ INVESTMENT AND CREDIT BANK
|Type or Modality of Assistance||
|Strategic Agendas||Inclusive economic growth
|Drivers of Change||Private sector development
|Sector / Subsector||
Finance / Inclusive finance
|Gender Equity and Mainstreaming||Gender equity|
|Responsible ADB Department||Private Sector Operations Department|
|Responsible ADB Division||Private Sector Financial Institutions Division|
|Responsible ADB Officer||Rohner, Tina|
|Description||CJSC FINCA Bank decided not to proceed with the project due to impact of COVID-19 on the Kyrgyzstan economy and their ample liquidity.|
|Objectives and Scope||The transaction entails the Asian Development Bank (ADB) providing medium-term financing in som to CJSC Finca Bank (FBK) to support micro and small enterprise lending targeting women in rural areas. The Technical Assistance (TA) to FBK will focus on building its branchless agent network in rural areas targeting hitherto unserved lower-income clients, with a specific focus on improving financial literacy and access to finance for women. The TA to NBKR will support banking introduction of Basel III prudential norms in the Kyrgyz Republic.|
|Linkage to Country/Regional Strategy||The transaction is consistent with government efforts to promote the well-being of its citizens and ADB's country partnership strategy, 2018 2022 for the Kyrgyz Republic. This project contributes to ADB's efforts to achieve Sustainable Development Goal 5: achieving gender equality and empowering all women and girls.|
|Summary of Environmental and Social Aspects|
|Environmental Aspects||FBK has in place an ESMS commensurate with the impacts and risks of its borrowers' activities in accordance with ADB''s Safeguard Policy Statement (2009) SPS requirements for financial intermediaries. FBK will revise its exclusion list in line with ADB''s PIAL and apply to all potential borrowers' applications. It will establish procedures to categorize borrower's activities according to ADB's SPS requirements in addition to its current social and environmental risk analysis, which already includes review against national environmental impact assessment requirements.|
|Involuntary Resettlement||FBK sub-borrowers will be individuals borrowing funds for their business needs. Such loan finance cannot fund compulsory acquisition of land by government expropriation. Involuntary resettlement impacts through use of facility funds are therefore not anticipated.|
|Indigenous Peoples||FBK sub-borrowers will be individuals borrowing funds for their business needs. This activity is not expected to directly or indirectly affect the dignity, human rights, livelihood systems, or culture of any ethnic minority or Indigenous Peoples groups.|
|Stakeholder Communication, Participation, and Consultation||Potential borrowers will participate through extensive market research activity already undertaken by FBK in determining the most appropriate lending products. FBK has extensive national networks of branches and is building up an agent service network through which to engage and empower beneficiaries. Participation plans will not be prepared as FBK maintains strong public profiles through its branch presence and marketing that allow each of them to actively participate with civil society.|
|Timetable for assistance design, processing and implementation|
|Concept Clearance||29 Oct 2019|
|Credit Committee Meeting||20 Dec 2019|
|Approval||24 Mar 2020|
|Last PDS Update||02 Feb 2021|
Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.
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|Title||Document Type||Document Date|
|Rural Financial Inclusion for Women Project: FAST Report||Faster Approach to Small Nonsovereign Transactions||Mar 2020|
|Rural Financial Inclusion for Women Project: Initial Poverty and Social Analysis||Initial Poverty and Social Analysis||Nov 2019|
Safeguard Documents See also: Safeguards
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.
None currently available.
Evaluation Documents See also: Independent Evaluation
None currently available.
None currently available.
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