Kyrgyz Investment and Credit Bank

The Aga Khan Fund for Economic Development (AKFED) is one of the founders and a principal shareholder of the Kyrgyz Investment and Credit Bank (KICB), established in 2001. As of February 2021, KICB’s shareholders’ equity amounted to US$ 70.5 million, including the charter capital of US$ 17.5 million. This makes KICB the largest capitalised bank in the Kyrgyz Republic. KICB currently serves over 324,000 clients, with a customer deposit base of US$ 286 million.

The Bank has one of the largest networks, including 184 ATMs and 45 branches (in all oblasts of the country), with headquarters in Bishkek. The Bank employs over 1,100 people. KICB was recognised as the Best Commercial Bank of the year in 2018 and 2019 by The Banker and the Best Bank in Kyrgyz Republic in 2015 by EUROMONEY.

In line with its core activity, KICB invests in long- and medium-term projects in the Kyrgyz Republic’s main economic sectors, including agriculture, manufacturing, construction and light industry. KICB has expanded into the retail market, becoming one of the top two commercial banks, with a total deposit base of US$ 286.7 million and one of the top four banks, with a gross loan portfolio of US$ 166.1 million as of February 2021.

In line with regulators’ policy to increase the share of non-cash settlements and transactions, KICB is also the second biggest shareholder at the national processing centre IPC (Interbank Processing Center), after the National Bank of the Kyrgyz Republic. KICB actively promotes local and international banking cards such as ELCARD, VISA, MasterCard and Union Pay International.

In 2021, KICB acquired CJSC First Microfinance Company (FMFC). This will contribute to financial inclusion, offering affordable and attractive loan products to the micro-, small- and medium-sized businesses (MSME) sector. Its goal is to combine the best international standards in microcredit, including those used in FMFC, a bigger funding base and effective digital delivery channels, which will streamline delivery of MSME microcredits at lower costs.

Electronic Banking

In February 2020, KICB updated the ELSOM electronic wallet, which provides banking products even in very remote areas. ELSOM enables its 500,000 users to receive and send money internally and abroad, open and manage bank/card accounts and deposit money. Over 10,000 service agents throughout the country provide ELSOM banking services.

Corporate Social Responsibility

KICB regularly conducts training to improve the financial literacy of the population.

KICB and partners initiated the Green Foundation to make the Kyrgyz Republic more ecological, to encourage the public to respect nature and leave future generations a greener city. The first tree planting within the framework of the Green Foundation project took place in 2012. KICB and its partners have now planted more than 14,000 seedlings, providing clean air for Bishkek’s residents.

Enterprise Development

AKF’s Mountain Societies Development Support Programme (MSDSP) recognises that diverse sources of income help low income households navigate uncertainty with greater confidence and stability.

Since 2006, MSDSP has focused on widening opportunities for inclusive economic growth. The programme supports women to build and run small enterprises by offering training, equipment and practical guidance that strengthens production, quality and marketing. Current sectors include handicrafts, bakeries and dairies. To date, MSDSP has supported 506 enterprises and enterprise groups, creating employment for 1,100 people, 48 percent of whom are women.

To further advance small and growing businesses, AKF and AKFED’s Industrial Promotion Services launched Accelerate Prosperity (AP) in 2016. AP works to spark entrepreneurship, test new business models, coach emerging entrepreneurs and connect them to mentorship and networks that help their ventures grow.

Since 2019, AP has invested more than $3.5 million in promising startups and businesses in the Kyrgyz Republic. With over 1,200 alumni and more than 100 portfolio companies, AP is now a leading organisation in the country for strengthening the startup ecosystem and advancing entrepreneurship.

The YES programme

AKF’s Youth Employment and Entrepreneurship Support (YES) programme equips young people with the skills, resources and opportunities to succeed in a rapidly changing economy. Working with government schools and civil society organisations, it strengthens employability, supports entrepreneurship and encourages self reliance.

Since 2021, the programme has helped 910 young people, 611 female and 299 male, build skills in financial and digital literacy, leadership, critical thinking and decision making. Many participants have used this training to enter the workforce or launch small enterprises. Through seed grants and tailored technical support, the programme has supported 101 young entrepreneurs, 73 female and 28 male, to start or expand businesses ranging from bakeries and processed fruit shops to carpentry, childcare and sewing.

Ninety three percent of graduates report an improved quality of life. Young women, who represent 67 percent of participants, have seen particularly significant gains, often becoming leaders in their communities. Their stories, from an expanding bakery in Osh to a new childcare service in Jalal Abad, show how targeted support can unlock economic independence.

By helping young people become job ready and entrepreneurial, the YES programme is strengthening local economies and improving well being across the Kyrgyz Republic. AKF is expanding this work so that more young people can realise their potential and build a brighter future for themselves and their communities.

The Coalition of Employers in Central Asia

The Coalition of Employers (CoE) is a collaborative platform uniting leading businesses, global outsourcing firms, and development partners to invest in youth skills and create meaningful employment opportunities for disadvantaged young people across Central Asia. The 73 members have helped 374 youth secure full-time employment, and provided internships for 470 more.

The Joop Bar Employment Platform

Joop Bar is an innovative employment platform operating as a Telegram bot, designed to bridge the gap between job seekers and employers. Tailored to meet the needs of rural youth, the platform provides an easy way to create resumes, apply for jobs, and access learning materials. Employers can identify talent in underserved regions, post vacancies, attend events and network with other businesses. The platform also facilitates collaboration between universities, educational centers, and employers to help graduates transition into the workforce.

Over 1,500 youth have created resumes, while 260 companies have registered as employers, posting more than 1,000 job vacancies.

With its transition to a mobile app, Joop Bar is poised to increase its impact further.

Alternative Work Arrangements Project

This project has given over 1,000 young people information on flexible, remote, and hybrid work opportunities, expanding employment possibilities and fostering greater adaptability and resilience.