The World Bank's board of executive directors approved a $25 million loan on Tuesday for the Second Development Policy Operation (DPO-2) for the Kyrgyz Republic.
This is the second of two budget support projects that work to improve public sector governance and enhance the business environment from 2012-2014.
The DPO-2 will help increase the accountability and transparency of public resource use through anti-corruption plans, improving the internal auditing system, reforming public procurement and through increasing the transparency of public energy companies.
The program will also improve business inspection systems, banking supervision and create a more effective judiciary and deposit protection framework.
"The World Bank's budget support accompanies Government reforms set out in the 2013-17National Sustainable Development Strategy," Alexander Kremer, the World Bank country manager in the Kyrgyz Republic, said. "For example, the Government has submitted to the Parliament a new Public Procurement Law that introduces good international practices in public procurement. Another accomplishment is the establishment of a new credit registry that aims to enhance the ability of the National Bank to effectively supervise the financial sector. The Bank also welcomes the submission to the Parliament of the program aimed at increasing the financial independence of the judicial sector."
The World Bank aims to reduce poverty, promote economic growth and shared prosperity in the Kyrgyz Republic.
More Stories
- EUROPEAN INVESTMENT BANK: Bosnia and Herzegovina: EIB provides €340 million to advance works on northern part of Corridor Vc
- ABN AMRO SERVICES COMPANY: Fempower Your Growth: like tindering with female entrepreneurs
- EUROPEAN INVESTMENT BANK: Egypt: Team Europe - EIB and Banque Misr work together to support private businesses and speed up the recovery of SMEs from COVID-19
- ASIAN DEVELOPMENT BANK: ADB, NNS Sign Loans to Build Milestone Solar Power Project in Uzbekistan
- ASIAN DEVELOPMENT BANK: $123 Million ADB Loan to Help Build Elevated Walkways in Manila
- EUROPEAN INVESTMENT BANK: Germany: EIB provides €15 million of funding to IDnow
- ASIAN DEVELOPMENT BANK: CAREC Endorses Long-Term Strategy to Promote Safe, Sustainable, and Inclusive Tourism
- EUROPEAN INVESTMENT BANK: EIB Group provides €150 million to support artificial intelligence companies
- ASIAN DEVELOPMENT BANK: ADB Approves $430 Million to Help Rehabilitate Power Distribution Networks in Uttar Pradesh, India
- EUROPEAN INVESTMENT BANK: Greece: EIB backs EUR 470 million road safety scheme