The National Bank of the Republic of Kyrgyzstan said on Wednesday that microfinancing company Companion Financial Group gained new shareholders.
The shareholders represent the Netherlands and Luxembourg. The founder of the company -- Mercy Corps, an international nongovernmental organization for economic development and aid -- will retain 65 percent of the company's shares. The Dutch Development Bank will hold 17.5 percent of shares. The bank supports developing countries by supplying capital loans and other services to help private sectors in the respective nations.
"This is a historic step for the financial system of the republic, when an investor with this rating comes into our market," National Bank Chairman Tolkunbek Abdygulav said. "Any investor, before you invest your money, looks not only at financial performance, but also on the development prospects of the company. Companion has long worked in the lending market and gained some credibility and customer base. The National Bank is encouraged by the fact that you not only concentrate on its direct functions, but also working on the development of local communities."