AKIPRESS.COM - The European Bank for Reconstruction and Development (EBRD) held a ceremony on November 13 to mark the completion of Phase III (2010-14) of advisory support to small and medium-sized enterprises, funded by the government of Switzerland.

Over the course of Phase III (2010-14) the EBRD has helped over 400 SMEs in the Kyrgyz Republic to access business advice to transform their businesses, committing over €2.6 million in funding and exceeding the target of 280. The EBRD has drawn on the know-how of a network of local consultants to help transform a wide range of businesses, looking at areas including strategy, marketing, operations, quality management, energy efficiency, financial management and beyond.

This advice has had a tangible impact on the performance of the assisted enterprises: 93 per cent increased their turnover, while 60 per cent reported growing their workforce by an average of 14 per cent. Moreover, three-quarters of assisted enterprises were located outside of Bishkek, highlighting the EBRD’s commitment to providing advice also in under-served areas.

In this time, the EBRD has also built a stronger, more competitive market for business advice. Although it is still in the early stages of formation, the EBRD has created a network of 163 active consultants and supported the establishment of an active Institute of Management Consultants (IMC) of the Kyrgyz Republic, which currently has 70 members. Swiss funding has also promoted the professionalisation of the local consultancy market by improving the skills and knowledge of local consultants in the Kyrgyz Republic via training courses.