USAID-supported Association Helps Change Microfinance Legislation
Starting in July 2006, the Association of Microfinance Institutions (AMFI), representing 11 microfinance institutions, including USAID-supported Bai Tushum, Frontiers, and FINCA, have cooperated with Kyrgyzstan’s National Bank to revise regulations that define organizations which can serve as founders of microfinance institutions with 100% ownership. Up to this point, the development of microfinance companies (MFC) in Kyrgyzstan has been limited by restrictions in ownership and the maximum share size. Changed legislation will facilitate the growth of MFIs and create a more favorable environment for international organizations to support MFC development in the country.
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Members of the MFI Association discuss recommendations for the draft tax
code
Photo Credit: CAMFA |
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