( EBRD:Kyrgyzstan, 1996 - 1997, Client: Kyrgyz State Energy Holding Company, Budget: 403,714 EUR )
Title:Development of Commercial Management Systems for the Power Sector Budget:403,714 EUR
Dates: June, 1996 - January, 1997
Partner: Diawa - Japan
Kyrgyz State Energy Holding Company (KSEHC) is the sole generator and distributor of electric power throughout the Republic of Kyrgyzstan and as such represents the backbone of the country's industry. In 1995, the EBRD extended a US$38m sovereign loan to KSEHC for constructing transmission lines to deliver electric power to the Kutmor Gold Mine. The company was also provided with technical assistance to improve its financial management practices in line with International Accounting Standards (IAS). A consortium, led by Corporate Solutions and Daiwa, was selected to help KSEHC with re-engineering its finance and accounting function and implementing a computerised accounting system. This was achieved through a combination of introducing modern finance and accounting procedures, staff training and the development and implementation of an integrated computerised accounting system. Since 1997, the company's financial statements are audited to international standards and KSEHC has received a number of other loans from the World Bank and the Asian Development Bank.
Implement accounting procedures compliant with IASRestate 1996 & 1997 financial statement in accordance with IASDevelop procedures for financial planning and budgetingImplement the Sun Accounting System at the head officeTrain the finance and accounting personnelSelect and appoint an international auditorOversee the audit of financial statements to international standards.