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8 K y r gy zsta n Agriculture Finance Bulletin President Vetoes Ban on GMO Products Kyrgyzstan Prepares to Resume Meat Exports to Russia after 7 Year Ban Korea to Provide $20 Million for Agricultural Development in Issyk-Kul Kyrgyzstan Processes 10-12% of its Cotton, Exporting the Remainder
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Agriculture Finance Bulletin Edition #8, October 2014
Contents State Initiatives ........................................................................................................... 2 1) 2) 3) 4) 5) 6) 7) 8) 9)
Businesses Oppose State Initiative Reducing Land Tenancy Periods .............................................. 2 President Vetoes Ban on GMO Products......................................................................................... 2 Government to Allocate 300 million KGS for the Purchase of Local Wheat ................................... 2 Kyrgyzstan and Kazakhstan Agree to Conjoin Agricultural Exports to Russia ................................. 3 Kyrgyzstan Prepares to Resume Meat Exports to Russia after 7 Year Ban ..................................... 3 Chinese Competition for Agricultural Exports to Russia ................................................................. 3 Forestry and Nut Producers Association to Plant 1500 Hectares of Walnut .................................. 3 Naryn Region to Host Logistics Center for Meat and Dairy Exports to Russia ................................ 4 Saudi Arabia to Build Logistics Center Handling Meat Exports in Kyrgyzstan ................................. 4
Foreign Aid ................................................................................................................. 4 10) 11) 12) 13) 14) 15)
UN Project Helps Baizak’s Farmers Achieve Harvest Worth 2 Million KGS ..................................... 4 Japan to Import Kyrgyz Agroproducts and Cooperate on Cattle Breeding ..................................... 5 Korea to Provide $20 Million for Agricultural Development in Issyk-Kul ........................................ 5 DanChurchAid Supports Vulnerable Household Farms on Food Security....................................... 5 French Company to Provide Veterinary and Fruit Drying Technology ............................................ 6 WB Completes 6-year Project "Agricultural Investments and Services" ......................................... 6
Private Sector.............................................................................................................. 6 16) 17) 18) 19) 20) 21) 22) 23) 24)
Uzgen and Osh Host Central Asia’s First Rice Festival ..................................................................... 6 Chui Region's Cattle Breeders Association Opens Milk Processing Plant ....................................... 7 Kyrgyzstan Processes 10-12% of its Cotton, Exporting the Remainder........................................... 7 To date, 4226.5 tons of Beans Exported to 12 Countries................................................................ 7 Aziza Yuldasheva: Farm Structure and Crop Selection Limit Profitability ....................................... 8 Chinese Company Proposes Construction of Sugar Beet Plant in Kemin ........................................ 8 Over 80 Households in the Kara-Suu District Refuse to Harvest Cotton......................................... 8 Erkinbek Zhumabaev: Cash Savings Converted to Livestock in Rural Areas ................................... 9 Kompanion Among Finalists for the European Microfinance Award .............................................. 9
Note: The Agriculture Finance Bulletin presents a monthly roundup of headlines and news stories related to investments and financing flows to Kyrgyzstan’s agricultural sector. This bulletin is prepared by Business & Finance Consulting—a Swiss-based development finance consulting company with a long history of working in Kyrgyzstan. Currently, BFC is implementing the Rural Finance Programme for the Kyrgyz Ministry of Finance and KfW. Read more » BFC Max-Högger-Strasse 6 CH-8048 Zurich, Switzerland
Phone: +41 44 784 22 22 Fax: +41 44 784 23 23
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BFC. Agriculture Finance Bulletin.
State Initiatives 1)
Businesses Oppose State Initiative Reducing Land Tenancy Periods
October 21st, 2014, http://www.24kg.org/economics/188699-biznes-soobshhestvo-vystupilo-protiv.html
In a letter addressed to the government and parliament, businesses expressed concern regarding a draft bill reducing land tenancy periods. The bill, first presented in September, is to shorten lease periods from 50 to 10 years for all categories of land and from 50 to 5 years for agricultural land. The authorized period for which foreign financial institutions can hold agricultural land following foreclosure will be shortened from 3 years to 1 year. According to the letter - initiated by the Bishkek Business Club and signed by the Chamber of Commerce, the International Business Council and a number of business associations - the bill will have a negative impact on business development in Kyrgyzstan - creating serious constraints for both local and foreign investors. The signatories fear that such legislation will discourage investment in capital facilities and agriculture and promote corruption among local authorities. Pointing out that construction of large industrial facilities typically requires more than 25 years to recoup costs, the signatories argued that, in order to obtain the necessary leasing period extensions, investors may be exposed to informal conditions set by unscrupulous officials.
2)
President Vetoes Ban on GMO Products
October 21st, 2014, http://www.vb.kg/290533
President Almazbek Atambaev vetoed a bill "On the prohibition of the cultivation, production, import and sale of products containing genetically modified organisms." The president said the draft law is contrary to the technical regulations of the Customs Union with Russia. The main sponsor of the bill, Erkingul Imankozhoeva, reminded that GMOs can inhibit the growth of local organisms and quickly supersede them in their natural habitat. According to Imankozhoeva, many African countries have abandoned GMO products due to food security issues. Currently, 32 countries worldwide have declared themselves GMO free. Among these are Austria, Hungary, Bulgaria, Cyprus, Greece, Ireland, Latvia, Lithuania, Slovenia, the Netherlands, Switzerland, Poland, Venezuela, France and Germany.
3)
Government to Allocate 300 million KGS for the Purchase of Local Wheat
October 20th, 2014, http://www.vb.kg/290317
At a price of 15 KGS per kilo, domestic wheat totaling 20,000 tons has been ordered through the Gosmatrezervov Fund, announced Artikbay Hamitov, Director of the Ministry of Agriculture’s Center for Grain Examination. Hamitov stressed the high volume of the purchase, considering that 10,000-15,000 tons of wheat are yearly collected throughout the country. Deliveries from farms in Osh and Jalal-Abad have already arrived with those from Issyk-Kul and Chui regions soon to follow, added Hamitov.
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4)
Kyrgyzstan and Kazakhstan Agree to Conjoin Agricultural Exports to Russia
October 14th, 2014, http://www.knews.kg/econom/55749/
At a meeting of the Kyrgyz-Kazakh Intergovernmental Council in Astana, Kyrgyzstan and Kazakhstan agreed to conjoin agricultural product exports to Russia. The parties further agreed to address issues with dairy product standards in Kyrgyzstan and resulting export restrictions, while immediately abolishing an export ban imposed on 3 Kyrgyz dairy enterprises. Additionally, it was announced that a meat processing joint venture will operate in the border area, promoting meat exports to Kazakhstan. During the meeting, Kazakh representatives also confirmed interest in exporting wheat to Kyrgyzstan.
5)
Kyrgyzstan Prepares to Resume Meat Exports to Russia after 7 Year Ban
October 14th, 2014, http://www.gazeta.kg/10494-news.html
Agriculture Minister Taalaibek Aidaraliev announced the export to Russia of an initial batch of meat products with Kyrgyz veterinary certification. The test delivery is intended to prepare for the reintroduction of Kyrgyz meat products to the market of the Customs Union before Kyrgyzstan’s accession on 1st January, 2015. Due to the epizootic situation in Kyrgyzstan, Russia banned meat imports from the country in July 2007. Fruit and vegetable import restrictions were lifted in August this year.
6)
Chinese Competition for Agricultural Exports to Russia
October 14th, 2014, http://novosti.kg/2014/10/u-kyrgyzstana-poyavilsya-konkurent-na-rynke-eksporta-selhozproduktsii-vrossiyu/
According to Ministry of Economy’s "Single Window Center for Foreign Trade" Russian officials are currently in talks with China regarding the import of Chinese fruit and vegetables. The Center sees Chinese products as a serious threat to Kyrgyz exports. The Center stressed that Chinese products are cheaper, while the Chinese province of Shandong alone produces annually agricultural products worth $140 billion. However, the quality of Chinese products is lower due to the heavy use of pesticides, said the Center.
7)
Forestry and Nut Producers Association to Plant 1500 Hectares of Walnut
October 7th, 2014, http://www.gazeta.kg/10027-news.html
In response to the annual increase in demand for walnut exports, the Forestry and Nut Producers Association announced plans to plant 500 walnut saplings on 1500 hectares in the next 5 years. Executive Director Mamatkazy Kaparov reported that, every year, Kyrgyzstan exports 4000-5000 tons of nuts to Iran, Turkey, China, South Korea, France and the Netherlands. Russia has also showed interest in importing Kyrgyz nuts since its ban on Ukrainian imports. This year, 100 hectares of new walnut varieties from Turkey and the US have been planted. Responding to concerns regarding the threat of imported genetically modified walnut varieties, Kaparov pointed to the greater lifespan of domestic varieties (600 years compared to 75-85 years). He added that imported varieties will be grown in special fields and will be dwarfed by the 600,000 hectares of domestic walnut forest. Page 3
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8)
Naryn Region to Host Logistics Center for Meat and Dairy Exports to Russia
October 7th, 2014, http://kabar.kg/rus/economics/full/83893
Vice Prime Minister Valery Diehl and the government’s representative in the Naryn region, Amanbay Kayipov, discussed establishing a logistics center between At-Bashy and Naryn city. The project will be developed as a public-private partnership. The center is to include warehouses, offices and support facilities gathering, storing and preparing meat and dairy products for large-scale export to Russia. Kayipov expects 3000 local jobs to be created, decreasing the migration of the workforce from the region.
9)
Saudi Arabia to Build Logistics Center Handling Meat Exports in Kyrgyzstan
September 30th, 2014, http://kabar.kg/rus/economics/full/83522
Saudi Arabia is to build a logistics center in Kyrgyzstan to facilitate the export of meat to the country, reported the Ministry of Agriculture. Earlier this year, a general cooperation agreement between Kyrgyzstan and the Kingdom of Saudi Arabia was signed, as well as a Memorandum of Understanding between the Agriculture Ministry and members of the Saudi business community, said the Ministry. Meanwhile, the Republic of Qatar agreed to buy meat worth $100 million and is willing to fund a $2 million mobile veterinary laboratory required to inspect the products.
Foreign Aid 10) UN Project Helps Baizak’s Farmers Achieve Harvest Worth 2 Million KGS October 24th, 2014, http://www.gazeta.kg/news/kyrgyzstan/society/11314-v-narynskoy-oblasti-zhitelnicy-sela-bayzak-sobraliurozhay-na-2-milliona-somov.html
With the aim of improving their income, economically vulnerable households from seven villages in Naryn and Chui oblasts received agricultural training and seeds for planting new varieties of fruits and vegetables , through the “Program for the economic empowerment of rural women” - run by the UN’s Food and Agriculture Organization (FAO), the World Food Programme (WFP) and UN Women. Since its launch in autumn 2013, 38 self-help groups have been created including more than 230 farmers, most of them women. Baizak village in Naryn’s Jumgal district was particularly successful in implementing the program: within 6 months the 49 beneficiary families, organized in 7 groups, made a total profit of 2 million KGS from the cultivation of cucumbers, tomatoes and carrots on 4 hectares of land. This corresponds to an average profit of more than 40,000 KGS per family. Part of the harvest is intended for household consumption, the rest for the market. In addition to training on pest protection and the greenhouse growing of vegetables and root crops, beneficiaries also learned how to cook, can, salt and pickle their produce. On October 15th, at an agricultural fair attended by the FAO, Minister of Agriculture Taalaibek Aidaraliev and Jumgal District Representative Akim Adylgazy Isagulov, the women of Baizak presented their harvest and a variety of dishes, drawn from their training, which complement their usual diet of meat and flour products with a range of vegetables.
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11) Japan to Import Kyrgyz Agroproducts and Cooperate on Cattle Breeding October 22nd, 2014, http://www.timesca.com/index.php?option=com_content&view=article&id=14418:japan-interested-inimporting-agricultural-products-from-kyrgyzstan&catid=89&Itemid=577
Agriculture Minister Taalaibek Aidaraliyev and representatives of Japanese agro-businesses discussed potential exports of Kyrgyz agricultural products and cooperation on cattle breeding. The agrobusinesses intend to import high quality and niche products from Kyrgyzstan - such as sesame, which is in high demand in Japan. Aidaraliyev stressed that Kyrgyz products are organic, as the country does not dispose of a chemical fertilizer plant. He added that local cattle breeding is ecologically friendly. The delegation invited Kyrgyz cattle farmers to a two-year training course in Japan on Japanese methods of cattle breeding. They further proposed a trial cultivation of Japanese varieties of rice in Kyrgyzstan. The Minister invited the Japan International Cooperation Agency and business representatives to take part in the Uzgen Rice Festival on October 23rd and 24th.
12) Korea to Provide $20 Million for Agricultural Development in Issyk-Kul October 9th, 2014, http://www.knews.kg/econom/55502
Deputy Prime Minister Tayirbek Sarpashev and a Korean delegation from the city of Yongchun signed an agreement on cooperation in agriculture and animal husbandry in the Issyk-Kul region. The Korean delegation agreed to invest $20 million in the cultivation and processing of medicinal herbs and the development of greenhouses in Tyup district. Sarpashev highlighted Kyrgyzstan’s potential to produce and export medicinal herbs and minerals to the city of Yongchun – known in Korea as a center for traditional medicine. The Minister said he hopes the Korean business community will perceive the agreement as an incentive to invest in new technologies in the agricultural sector, pointing out that drip irrigation needs to be introduced on more than 100,000 hectares of land in the Issyk-Kul region. He also invited Korean investors to create logistics centers and large vegetable stores in Kyrgyzstan. The Korean delegation confirmed its readiness to share the latest agricultural technologies and to assist in the training of specialists.
13) DanChurchAid Supports Vulnerable Household Farms on Food Security October 6th, 2014, http://www.gazeta.kg/9959-news.html
Through the pilot program “Right to Food”, Danish NGO DanChurchAid (DCA) is to support poor families in achieving food security in the Naryn, Chui, Jalal-Abad and Batken regions. The program will provide grants for: the construction of greenhouses; the purchase of purebred cows; training on organic farming techniques; and training in energy efficiency measures, such as house insulation. The program aims to enable farmers to sustainably maintain adequate levels of nutrition while establishing a dialogue with public authorities. The pilot phase, launched in July 2014, will conclude in late 2015. Successful elements will be introduced in the main phase, taking place between 2016 and 2018. With a total budget of 800,000 EUR, the NGO expects to include in the program 3000 small farms in Kyrgyzstan and 360 in Tajikistan. Page 5
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14) French Company to Provide Veterinary and Fruit Drying Technology October 1st, 2014, http://www.kabar.kg/eng/economics/full/11054
French company "Technology and Logistics" unveiled plans to invest in the Kyrgyz food industry. A serum drying plant (for veterinary diagnostics) is to be built in Karakol, as well as a laboratory testing export honey for its compliance with EU food safety regulations. The company also plans to sell mobile fruit and vegetable drying units (truck-dryers) in Kyrgyzstan.
15) WB Completes 6-year Project "Agricultural Investments and Services" October 1st, 2014, http://www.vb.kg/288295
During a recent seminar with participating agencies, the World Bank announced the completion of the "Agricultural Investments and Services" project, launched in August 2008. Highlights included the adoption and implementation of the law “On pastures”, creating operational management units for 454 pastures – contributing to an increase in income from pasture use and the reduction of incidences of brucellosis to a third. In addition, a countrywide network of community seed banks was developed. The project attracted an additional $70 million of project funding from international donors - including the "Development of livestock and the market (1 and 2)” program, implemented in 2013-2014 and financed by the International Fund for Agricultural Development. In 2015, the World Bank plans to launch its "Improvement of pasture management and animal husbandry" program.
Private Sector 16) Uzgen and Osh Host Central Asia’s First Rice Festival October 24th, 2014, http://www.vb.kg/291127
On October 23rd and 24th, the cities of Osh and Uzgen hosted an international rice festival offering scientific and technical conferences as well as cultural programs aimed at promoting public awareness of the development and the methods of rice production. Attendees included delegations from Japan, Korea, China, Russia, Tajikistan and Uzbekistan. Participants prepared various rice dishes, demonstrated traditional rice processing methods and organized visits to rice plantations and processing plants in the Uzgen district. The Ministry of Agriculture announced that, during the last three years, rice cultivation in Kyrgyzstan increased from 7,160 to 8,100 hectares - of which 1,100 hectares are allocated to the Uzgen red Devzira variety. Batken white rice is cultivated on the remaining area - including the Langar, Ak-Turpak, Zhaidar, and Celt-Kurucz varieties. According to the Ministry, since 2011, average rice yields improved from 31.7 to 33.9 quintals per hectare. However, Kyrgyzstan is yet to establish rice seed farms. To maintain the quality of Uzgen and Batken rice, the Kyrgyz Agricultural Research Institute will cooperate with Iranian breeders on the selection of premium seeds.
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17) Chui Region's Cattle Breeders Association Opens Milk Processing Plant October 24th, 2014, http://www.vb.kg/290980
Chairman Kumarbek Boronbaev reported that Chui region’s Association of Cattle Breeders opened a milk processing plant in the village of Iskra capable of producing up to four tons of cheese, cottage cheese, and yogurt every day. Two years ago, after participating in an FAO seminar in Turkey, where they learned how to organize a breeder cooperative, 20 cattle farmers from Chui region established the Breeders Association. By pooling their cattle and having them milked with hired laborers, the farmers were able to make a profit while using freed time to focus on the growth of crops and on other business activities. Also land was pooled for the cultivation of crops and profits were used for the purchase of agricultural machinery and other industrial equipment. Today the cooperative consists of more than 2000 farmers. Though the new processing plant is operated manually, it is equipped with food safety devices - including a powerful refrigerator, voltage stabilizers and tools measuring the quality of milk. While the plant still lacks a modern packaging facility, its products enjoy high demand and are exported to Kazakhstan.
18) Kyrgyzstan Processes 10-12% of its Cotton, Exporting the Remainder October 23rd, 2014, http://www.turmush.kg/ru/news:86032
Deputy Agriculture Minister Janybek Kerimaliev announced a decrease in price and cultivated area of cotton in Kyrgyzstan. This year, 24,000 hectares of cotton were cultivated - slightly less than last year - and 68 tons of raw cotton and 23 tons of cottons fiber were harvested. Only 10-12% of the harvest is processed in the country - the rest being exported mainly to Russia and Turkey. According to the Deputy Minister, prices are currently at 34-36 KGS per kg. Uzbekistan is postponing the sale of its cotton until prices increase.
19) To date, 4226.5 tons of Beans Exported to 12 Countries October 22nd, 2014, http://kabar.kg/rus/economics/full/84787
According to data from the Ministry of Agriculture, of this year’s estimated total bean harvest of 105,300 tons, 4226.5 tons have already been exported. 26 trade companies are involved in exporting to Turkey (70% of the crop), Bulgaria, Serbia, Macedonia, Romania, Bosnia and Herzegovina, Georgia, Iraq, Kosovo, Kazakhstan, Poland and Turkmenistan. The total harvest represents an increase of 22,400 tons year-to-year. This is due to a substantial increase in the cultivated area from 58,800 69,100 hectares - of which 96.2% is located in the Talas region, said the Ministry. In turn, this increase is due to the favorable bean price in 2013, reaching 74-120 KGS per kilo. However, this year prices have dropped to 45 KGS per kilo in Talas and 60-70 in other regions. Due to good harvests in other countries, resulting in a lower world price, the decrease aggravates difficulties incurred by lower yields caused by drought, slower maturation and, in consequence, a late harvest in unfavorable weather conditions. The Ministry of Agriculture expects prices to increase during the winter, but advises farmers not to rely on a repeat of last year’s price hike.
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20) Aziza Yuldasheva: Farm Structure and Crop Selection Limit Profitability October 10th, 2014, http://www.gazeta.kg/10271-news.html
In an interview with Gazeta, Executive Director of Kyrgyz agribusiness association "Jer Azygy", Aziza Yuldasheva, discussed the Kyrgyz agriculture sector. Yuldasheva cites the fractioned farm structure as one of the main factors limiting efficiency and preventing the mass homogenous production needed for export to Russia. While she expects farmers to form cooperatives over time, she also recommends the creation of logistics centers to optimize goods distribution, adding that, for now, an unstable electricity supply in rural areas is delaying such developments. Yuldasheva argues that crop selection should be made according to competitiveness rather than food security – as the government promotes - citing cucumbers, tomatoes, potatoes, apples, apricots, dried fruit and niche products, such as mountain honey and herbs, rather than wheat and corn, which lack cost-effectiveness in southern Kyrgyzstan. The resulting mix of tradable volumes, seasonal varieties and storable products will attract investment, notably in logistics centers, argues Yuldasheva. Considering limited imports from Uzbekistan and an expected price increase in Chinese imports due to Kyrgyzstan’s accession to the Customs Union, Yuldasheva thinks conditions are favorable for local fruit and vegetable producers to expand domestic market share. While 60% of the workforce is engaged in the sector and should continue to be supported, Kyrgyzstan cannot develop a strong economy based on agriculture, argues Yuldasheva; instead, more profitable areas such as energy and mining should be developed.
21) Chinese Company Proposes Construction of Sugar Beet Plant in Kemin October 7th, 2014, http://www.turmush.kg/ru/news:81653
In a meeting with Agriculture Minister Taalaybek Aidaraliev, Chinese company “Lingnan Landscape” expressed its desire to invest in the Kyrgyz agricultural sector and proposed the construction of a sugar beet processing plant in Kemin district. The company inquired for the growth potential of beet cultivation in Kyrgyzstan. The Minister reported that beet cultivation currently totals 7,300 hectares with the potential to increase to 15,000 hectares.
22) Over 80 Households in the Kara-Suu District Refuse to Harvest Cotton October 3rd, 2014, http://aif.kg/novosti/obschestvo/8881-bolee-80-domashnih-hozyaystv-v-kara-suyskom-rayoneotkazyvayutsya-sobirat-urozhay-hlopka.html
In anticipation of a further drop in the prices, more than 80 households in the Kara-Suu district refused to harvest cotton on a total area of 60 hectares. In 2013, cotton prices were at 44 KGS per kg, decreasing by 10 KGS this year. The farmers said the cultivating and harvesting of one hectare of cotton costs about 100,000 KGS; if the price continues to decline, they will no longer be able to cover their costs. For farmers with leased land the situation is even more difficult. Additionally, there is a shortage of cotton pickers in the region – most having migrated to other areas where wages are higher (7 KGS per kg of harvested cotton).
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23) Erkinbek Zhumabaev: Cash Savings Converted to Livestock in Rural Areas October 2nd, 2014, http://www.gazeta.kg/9751-news.html
In an interview with K-News, Chairman of the Kyrgyz Association of Microfinance Institutions, Erkinbek Zhumabaev, discussed the outlook of microfinance in Kyrgyzstan’s rural economy. Zhumabaev attributes the rapid development of microfinance in Kyrgyzstan to the low income in rural areas, creating a large market for microcredit products. He illustrate this fact comparing portfolio distribution of MFIs versus commercial banks: 19 billion KGS disbursed across 400,000 clients of which agricultural loans account for 42% and commercial loans for 20% versus 70 billion KGS across 130,000 clients of which agricultural loans account for 20% and commercial loans for 35%. Currently, says Zhumabaev, MFIs can only accept expensive term deposits (at 16%) and are not allowed to hold demand deposits (at 0-3%). Considering the distribution of MFIs compared to commercial banks (700 versus 280 offices nationwide), the former should be allowed to participate in the payment system, otherwise leaving a large part of the rural population unable to hold savings accounts and making noncash payments and transfers, he argues. This would ease reception of remittances – which mainly go to rural areas – pumping cash into the local economy that would otherwise be held as riskier assets, said Zhumbaev. As an example, he cites the widespread transfer of excess cash into livestock. While this strategy can be profitable, depositing savings at local MFIs could reduce risks, he added.
24) Kompanion Among Finalists for the European Microfinance Award September 28th, 2014, http://www.microcapital.org/special-report-european-microfinance-platform-e-mfp-announces-finalistsfor-fifth-european-microfinance-award-for-environmental-products-esaf-investments-of-india-kompanion-of-kyrgyzstanxacbank/
The European Microfinance Platform announced the finalists for the Fifth European Microfinance Award for Environmental Products. Together with a community development bank from Mongolia and an Indian microfinance institution, Kyrgyz microfinance group Kompanion was nominated for the EUR 100,000 prize, which is to be awarded during the European Microfinance Week - an annual networking event for microfinance actors taking place from the 12th-14th of November. Kompanion was selected for its “Pasture Land Management Training” program, which combines loans to livestock farmers with training on pasture land management and preservation. Through the program, Kompanion helps reduce land degradation through overgrazing - particularly near villages. Since the launch of the program in 2011, more than 24,000 farmers have participated in trainings, increasing their incomes by an estimated 30%.
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Prepared by Business & Finance Consulting (BFC) www.bfconsulting.com In this bulletin, BFC provides extracts from articles that have been published by others and as a result cannot be held responsible for such content. The articles do not necessarily reflect the opinions of BFC, its staff, its associates or its partners. Copyright of articles is retained by their authors.