KG Financial Sector Development Project

Abstract*

The objectives of the Financial Sector Development Project for Kyrgyz Republic are: (1) to enhance financial sector stability, and (2) increase access to financial services. The project has four components. Component 1: Strengthening the legal, regulatory, and supervisory framework for banks, Micro Finance Organizations (MFOs), and credit unions. This component will support measures to improve the legal, regulatory, and supervisory framework for the... Show More

Development Objective

Project Development Objectives are to: (i) enhance financial sector stability, and (ii) increase access to financial services.

Key Details

Project Details

Project ID
P125689
Status
Closed
Team Leader
Emiko Todoroki
Borrower 2
Ministry of Finance

Country
Kyrgyz Republic
Disclosure Date
May 16, 2011
Approval Date
(as of board presentation)
March 8, 2012
Effective Date
December 25, 2013

Total Project Cost 1
US$ 8.85 million
Implementing Agency
Kyrgyz Post Office,National Bank of the Kyrgyz Republic,Ministry of Justice
Region
Europe and Central Asia
Fiscal Year 3
2012

Commitment Amount
US$ 8.85 million
Environmental Category
C
Environmental and Social Risk
Not Applicable
Closing Date
June 30, 2021

Consultant Services required
No
Last Stage Reached
BANK APPROVED
Last Update Date
November 27, 2023

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Finance

FY17 - Financial Infrastructure and Access13%
- FY17 - MSME Finance13%

FY17 - Private Sector Development

FY17 - Business Enabling Environment26%
- FY17 - Investment and Business Climate11%
- FY17 - Regulation and Competition Policy15%
FY17 - Enterprise Development13%
- FY17 - MSME Development13%

FY17 - Public Sector Management

FY17 - Public Administration48%
- FY17 - E-Government, incl. e-services42%
- FY17 - State-owned Enterprise Reform and Privatization6%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
IDA Grant	4.92
IDA Credit	3.93

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	N/A
IDA Commitment	8.85
IBRD + IDA Commitment	8.85

Lending Instrument
Grant Amount	N/A
Total Project Cost**	8.85

Summary Status of World Bank Financing (US$ Millions) as of July 31, 2025

No data available.

Detailed Financial Activity as of July 31, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Jun 14, 2019	IDA-H7600	Loan Disb	334,160.28
Dec 9, 2015	IDA-H7600	Loan Disb	112,480.74
Dec 29, 2016	IDA-H7600	Loan Disb	10,310.00
Dec 29, 2016	IDA-H7600	Loan Disb	113,354.89
Jun 28, 2016	IDA-H7600	Loan Disb	131,464.28
May 10, 2016	IDA-H7600	Loan Disb	91,376.54
Nov 8, 2016	IDA-50670	Loan Disb	119,999.99
Jun 2, 2016	IDA-H7600	Loan Disb	26,099.99
Sep 23, 2016	IDA-H7600	Loan Disb	122,878.39
Nov 9, 2016	IDA-H7600	Loan Disb	234,940.69
Feb 15, 2017	IDA-50670	Int Charges	235.52
Feb 15, 2017	IDA-50670	Int Charges	235.52
May 30, 2017	IDA-H7600	Loan Disb	167,785.69
Feb 28, 2017	IDA-H7600	Loan Disb	174,010.81
Aug 15, 2017	IDA-50670	Int Charges	1.86
Aug 15, 2017	IDA-50670	Int Charges	1.86
Aug 15, 2017	IDA-50670	Int Charges	450.88
Aug 15, 2017	IDA-50670	Int Charges	450.88
Sep 8, 2017	IDA-H7600	Loan Disb	195,439.62
Dec 6, 2017	IDA-H7600	Loan Disb	28,800.00
Dec 4, 2017	IDA-H7600	Loan Disb	172,556.20
Mar 27, 2018	IDA-H7600	Loan Disb	175,480.67
Feb 15, 2018	IDA-50670	Int Charges	8.53
Feb 15, 2018	IDA-50670	Int Charges	8.53
Feb 15, 2018	IDA-50670	Int Charges	461.05
Feb 15, 2018	IDA-50670	Int Charges	461.05
Dec 28, 2017	IDA-H7600	Loan Disb	97,347.86
Jun 29, 2018	IDA-H7600	Loan Disb	197,569.55
Sep 10, 2018	IDA-H7600	Loan Disb	117,284.37
Aug 15, 2018	IDA-50670	Int Charges	14.01
Aug 15, 2018	IDA-50670	Int Charges	14.01
Aug 15, 2018	IDA-50670	Int Charges	451.29
Aug 15, 2018	IDA-50670	Int Charges	451.29
Feb 15, 2019	IDA-50670	Int Charges	9.30
Feb 15, 2019	IDA-50670	Int Charges	9.30
Feb 15, 2019	IDA-50670	Int Charges	440.55
Feb 15, 2019	IDA-50670	Int Charges	440.55
Jun 13, 2019	IDA-50670	Loan Disb	50,141.90
Jun 13, 2019	IDA-50670	Loan Disb	559,957.80
Aug 15, 2019	IDA-50670	Int Charges	1,230.77
Aug 15, 2019	IDA-50670	Int Charges	1,230.77
Sep 20, 2019	IDA-H7600	Loan Disb	106,191.83
Sep 20, 2019	IDA-50670	Loan Disb	107,225.94
Dec 18, 2019	IDA-H7600	Loan Disb	226,645.48
Mar 9, 2020	IDA-H7600	Loan Disb	99,931.62
Mar 9, 2020	IDA-50670	Loan Disb	58,751.65
Dec 4, 2019	IDA-50670	Loan Disb	81,890.13
Feb 15, 2020	IDA-50670	Int Charges	3,481.91
Feb 15, 2020	IDA-50670	Int Charges	3,481.91
Feb 15, 2020	IDA-50670	Int Charges	8.01
Feb 15, 2020	IDA-50670	Int Charges	8.01
Mar 20, 2020	IDA-50670	Loan Disb	1,040,000.00
Jun 8, 2020	IDA-50670	Loan Disb	93,791.59
Jun 9, 2020	IDA-H7600	Loan Disb	171,057.16
Nov 9, 2020	IDA-50670	Loan Disb	-119,591.99
Nov 16, 2020	IDA-50670	Loan Disb	119,603.98
Aug 15, 2020	IDA-50670	Int Charges	42.32
Aug 15, 2020	IDA-50670	Int Charges	42.32
Aug 15, 2020	IDA-50670	Int Charges	7,282.28
Aug 15, 2020	IDA-50670	Int Charges	7,282.28
Nov 6, 2020	IDA-50670	Loan Disb	119,604.00
Sep 22, 2020	IDA-H7600	Loan Disb	91,502.49
Sep 22, 2020	IDA-50670	Loan Disb	68,016.17
Dec 15, 2020	IDA-H7600	Loan Disb	135,557.20
Nov 30, 2020	IDA-50670	Loan Disb	54,865.00
Feb 15, 2021	IDA-50670	Int Charges	164.61
Feb 15, 2021	IDA-50670	Int Charges	164.61
Feb 15, 2021	IDA-50670	Int Charges	9,228.93
Feb 15, 2021	IDA-50670	Int Charges	9,228.93
Jul 11, 2013	IDA-H7600	Loan Cancel	931,140.80
Jul 11, 2013	IDA-50670	Loan Cancel	3,123,827.20
Mar 18, 2014	IDA-H7600	Loan Disb	450,000.00
Mar 2, 2015	IDA-H7600	Loan Disb	17,100.00
Sep 22, 2014	IDA-H7600	Loan Disb	90,837.85
Feb 5, 2015	IDA-H7600	Loan Disb	68,349.55
Jun 16, 2015	IDA-H7600	Loan Disb	121,746.74
Jul 22, 2015	IDA-H7600	Loan Disb	17,100.00
Oct 1, 2015	IDA-H7600	Loan Disb	89,068.30
Feb 15, 2024	IDA-50670	Int Charges	12,606.77
Mar 8, 2012	IDA-50670	Loan Commitment	7,150,000.00
Mar 8, 2012	IDA-H7600	Loan Commitment	5,850,000.00
Mar 5, 2021	IDA-H7600	Loan Disb	150,016.73
Feb 24, 2021	IDA-50670	Loan Disb	70,493.57
Jun 23, 2021	IDA-H7600	Loan Disb	12,991.20
Jun 30, 2021	IDA-H7600	Loan Disb	112,891.73
Jun 30, 2021	IDA-50670	Loan Disb	118,663.95
Jun 21, 2021	IDA-H7600	Loan Disb	116,920.80
Mar 31, 2021	IDA-50670	Loan Disb	469,000.00
Jun 29, 2021	IDA-50670	Loan Disb	530,945.60
Aug 15, 2021	IDA-50670	Int Charges	11,223.14
Aug 15, 2021	IDA-50670	Int Charges	11,223.14
Aug 15, 2021	IDA-50670	Int Charges	17.84
Aug 15, 2021	IDA-50670	Int Charges	17.84
Sep 23, 2021	IDA-H7600	Loan Disb	-7,049.32
Feb 15, 2022	IDA-50670	Int Charges	463.85
Feb 15, 2022	IDA-50670	Int Charges	463.85
Feb 15, 2022	IDA-50670	Int Charges	13,719.57
Feb 15, 2022	IDA-50670	Int Charges	13,719.57
Aug 15, 2022	IDA-50670	Loan Repay	34,594.22
Aug 15, 2022	IDA-50670	Int Charges	12,972.83
Aug 15, 2022	IDA-50670	Int Charges	12,972.83
Aug 15, 2022	IDA-50670	Int Charges	41.17
Aug 15, 2022	IDA-50670	Int Charges	41.17
Nov 2, 2021	IDA-H7600	Loan Cancel	7,015.93
Feb 15, 2023	IDA-50670	Loan Repay	412.11
Feb 15, 2023	IDA-50670	Int Charges	12,772.27
Feb 15, 2023	IDA-50670	Int Charges	12,772.27
Feb 15, 2023	IDA-50670	Loan Repay	34,627.24
Aug 15, 2023	IDA-50670	Int Charges	235.16
Aug 15, 2023	IDA-50670	Int Charges	235.16
Aug 15, 2023	IDA-50670	Int Charges	12,828.53
Aug 15, 2023	IDA-50670	Int Charges	12,828.53
Aug 15, 2023	IDA-50670	Loan Repay	34,907.57
Mar 15, 2019	IDA-H7600	Loan Disb	59,994.54
Aug 19, 2019	IDA-50670	Loan Disb	93,116.12
Aug 15, 2019	IDA-50670	Int Charges	2.45
Aug 15, 2019	IDA-50670	Int Charges	2.45
Aug 15, 2024	IDA-50670	Loan Repay	34,428.46
Aug 15, 2024	IDA-50670	Int Charges	11,878.90
Aug 15, 2024	IDA-50670	Int Charges	11,878.90
Aug 15, 2024	IDA-50670	Loan Repay	642.07
Feb 15, 2024	IDA-50670	Loan Repay	34,575.79
Feb 15, 2024	IDA-50670	Loan Repay	82.09
Feb 15, 2024	IDA-50670	Int Charges	12,606.77

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Procurement	Moderately Satisfactory	2021-06-28
Project Management	Moderately Satisfactory	2021-06-28
Financial Management	Satisfactory	2021-06-28
Overall Implementation Progress (IP)	Moderately Satisfactory	2021-06-28
Progress towards achievement of PDO	Moderately Satisfactory	2021-06-28
Monitoring and Evaluation	Satisfactory	2021-06-28

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 04-18-2022
Outcomes	Moderately Satisfactory
Risk to Development Outcome
Bank Performance	Moderately Satisfactory
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW: 03-10-2023	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Moderately Unsatisfactory	N/a
Risk To Development Outcome		N/a
Bank Performance	Moderately Unsatisfactory	N/a
Borrower Performance		N/a
Government Performance	Not Rated	N/a
Implementing Agency		N/a
Icr Quality	Substantial	N/a
M&e Quality	Modest	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Number of changes to the legal, regulatory and supervisory framework are implemented Value 0.00 2.00 2.00
Date February 1, 2012 June 28, 2021 June 29, 2018
Comment
Number of financial services transactions going through KPO Value 10000000.00 9800000.00 11000000.00
Date December 30, 2011 June 28, 2021 July 10, 2020
Comment

Number of new annual registrations in the secured transactions registry, using moveable assets as collateral (alone or in combination with immoveable collateral)	Value	36000.00	3312.00	5000.00
	Date	December 30, 2011	June 28, 2021	June 29, 2018
	Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Improved staff capacity, measured in terms of number of years of staff experience in supervision departments Value 2.00 6.00 4.00
Date February 1, 2012 June 28, 2021 February 29, 2016
Comment
Number of ICT-equipped Post Offices (with installed, operational front office cash terminals) connected to the central hub Value 0.00 388.00 50.00
Date July 10, 2020 June 28, 2021
Comment
Amended legal framework for moveable collateral and debt resolution regimes Value 0.00 4.00 2.00
Date February 1, 2012 June 28, 2021 June 29, 2018
Comment
Supervisory staff conducted spacialist training Value 0.00 71.00 0.00
Date July 10, 2020 June 28, 2021
Comment

Revenues from non-government financial services transactions (payment, remittances, bank) as a share of total KPO revenues from financial services (including also pension pay out and social allowances	Value	15.00	24.70	33.00
	Date	February 1, 2012	June 28, 2021	February 29, 2016
	Comment

Issued regulations for the well-functioning of the collateral registry Value 0.00 9.00 4.00
Date February 1, 2012 July 5, 2021 June 29, 2018
Comment

Improved quality, reliability and cost-efficiency of small value payments operations, measured in terms of same day Straight Through Processing as a share of total transactions to&from bank accounts	Value	0%	63%	>40%
	Date	February 1, 2012	June 28, 2021	February 28, 2016
	Comment

Online system for registering collateral is operational and connected to other assets registrations (for example (registration of vehicle registration)	Value	No online system	Online registration system is operational and conn	Yes
	Date	February 1, 2012	June 28, 2021	February 28, 2016
	Comment

Enhanced transparent financial performance Value No Financial audit reports published for 2016, 2017, Annual audited statements 2016, 2017, and 2018.
Date February 1, 2012 June 28, 2021 July 10, 2020
Comment
Number of dissemination and capacity-building and training events held Value 0.00 16.00 5.00
Date February 1, 2012 June 28, 2021 February 28, 2016
Comment

Introduction of performance measurement, in terms of accounting reports with separated profitability and risk analysis for financial services and postal services	Value	0	Monthly financial report	Monthly financial reports
	Date	February 1, 2012	June 28, 2021	February 28, 2016
	Comment

Number of cashiers, tellers, postmasters and other operational staff completed NBKR training to operate financial services at KPO	Value	0.00	1695.00	600.00
	Date	February 1, 2012	June 28, 2021	February 28, 2016
	Comment

Increase in the debt recovery rate for creditors Value zero 40.6 No increase
Date February 1, 2012 June 28, 2021 February 28, 2016
Comment

Enhanced competitive outreach for last mile delivery of remittances, measured in terms of market share of KPO in total remittances	Value	0.00	0.01	4.00
	Date	February 1, 2012	June 28, 2021	February 28, 2016
	Comment

Implementation of bank agency agreement in post offices Value 0.00 8.00 0.00
Date July 10, 2020 June 28, 2021
Comment
Number of ICT-equipped Post Offices that is connected to (bank) card payment terminal Value 0.00 0.00 0.00
Date July 10, 2020 June 28, 2021
Comment

Number of financial services transactions going through KPO	Value	10000000.00	9800000.00	11000000.00
	Date	December 30, 2011	June 28, 2021	July 10, 2020
	Comment

Improved staff capacity, measured in terms of number of years of staff experience in supervision departments	Value	2.00	6.00	4.00
	Date	February 1, 2012	June 28, 2021	February 29, 2016
	Comment

Enhanced transparent financial performance	Value	No	Financial audit reports published for 2016, 2017,	Annual audited statements 2016, 2017, and 2018.
	Date	February 1, 2012	June 28, 2021	July 10, 2020
	Comment

Increase in the debt recovery rate for creditors	Value	zero	40.6	No increase
	Date	February 1, 2012	June 28, 2021	February 28, 2016
	Comment