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Brief overview of the EBRD’s grant technical assistance

1 July 2016

Throughout the activities "Bank of Asia" CJSC aims to meet the expectations of customers, thus improving the quality of services and business processes is one of the priorities for the bank. So, today, with the support and financing from the Early Transition Countries Fund, the Bank is implementing a project of the European Bank for Reconstruction and Development - "Bank of Asia" CJSC: strengthening institutional capacity for lending to micro, small and medium-sized businesses".

PURPOSE OF THE PROJECT

In 2014, with the support from the EBRD, the "Bank of Asia" CJSC received technical assistance to strengthen the bank's ability to assess and manage risks associated with lending to small and medium-sized businesses, by improving internal rules and lending procedures for small and medium-sized businesses and staff training. To complete the process of creating an organizational component of the Bank, the European Bank for Reconstruction and Development announced a tender to select a new consultant for receiving the following services by the Bank:

  • improving the risk management system; improving operational efficiency and control functions for the normal operation of the business;

  • assisting the development of internal audit and control procedures and rules;

  • training specialized bank personnel on small and medium-sized businesses lending;

  • improving the quality of performance measurement and reporting in order to maintain the quality of governance in connection with business development;

  • optimizing products for lending to small and medium-sized businesses.

As a result of selection conducted by the tender commission, the winner was the German company LFS Financial Systems GmbH - a consulting and management company (year of establishment - 1997), which operates a network of Access Holding banks and provides services of technical assistance to other financial institutions around the world.

PROJECT DURATION IS 12 MONTHS

Also it should be noted that the objective to strengthen the internal audit, control and risk management at the date has a particular relevance and priority for the Bank due to the instability of the economic situation both in the country and abroad. Implementation of this project will allow the Bank not only to improve credit processes related to the internal control, audit and risk management, as well as contribute to the development of new markets of credit products for the further development of small and medium business in the Kyrgyz Republic.

 

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