The European Bank for Reconstruction and Development (ERBD) announced the completion of the third phase of Swiss-backed advisory support to small and medium-sized enterprises (SME) in Kyrgyzstan on Friday.

Since 2010, the bank has facilitated aid in the form of advisement and consulting with a network of local experts. The ERBD reported that 93 percent of companies that participated increased turnover and at least 60 percent gained employees at an average of 14 percent.

Through this initiative, the bank has also facilitated competition in the realm of finance and business advising in Kyrgyzstan. So far, the initiative has created a network of 163 active consultants and created the Institute of Management Consultants with 70 members.

"One of Switzerland’s strategic priorities for the development of the private sector is to enhance the competitiveness of small and medium-sized enterprises," Elke Oehme, program manager at the Embassy of Switzerland in the Kyrgyz Republic, said. "The EBRD’s advisory programme in the Kyrgyz Republic is a key component of the Swiss Private Sector Development portfolio. We are pleased to cooperate with the EBRD and see achievements of the programme in building a strong and competitive market for business advice."