The funds backed by World Bank’s International Finance Corporation (IFC) will go towards supporting Highland Capital’s efforts towards increasing access to finance for SMEs in the Kyrgyzstan.

Key areas include services, healthcare, education and media, according to the article. 

With a goal of raising $30 million, Highland Capital has raised $15 million towards the private equity fund and the IFC contributed $8 million.

Highland Capital predicts to have closed fundraising by August 2019, according to the article.

IFC’s Regional Manager for Central Asia, Cassandra Colbert shared, “IFC’s investment is part of our broader efforts to foster investments in SMEs while spurring the creation of a local private equity market.”