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  • OJSC “Guarantee Fund” and OJSC “RSK Bank” concluded cooperation agreement

    On February 28, 2017 OJSC “Guarantee Fund” and OJSC “RSK Bank” concluded cooperation agreement. As for OJSC “Guarantee Fund” it is the sixth cooperation agreement with banks.  OJSC “Guarantee Fund” in cooperation with banks will assist SMEs in obtaining loans in case of insufficient collateral.

    Cooperation between OJSC “Guarantee Fund” and OJSC “RSK Bank” opens up development prospects in loan market considering extensive branch network, presence of branches in each region, that will increase access to finance for SMEs and further economy growth.

    Newly created OJSC “Guarantee Fund” issued guarantees in the amount of €150,000

    26.02.17 Agriculture, Food Industry, Transportation & Traffic, Kyrgyzstan, Banking & Finance.

    (24.kg) – In four months Guarantee Fund issued 16 guarantees in the amount of KGS 11 million or about €150,000.  Deputy Minister of Economic Affairs of the Kyrgyz Republic Daniyar Imanaliev reported at a press conference at the end of February.

    According to Imanaliev, today one of the most challenging and outstanding issues is insufficient collateral for loans. About 40-50% of loan applications are rejected by commercial banks due to insufficient collateral. The most difficult situation is in regions.

    Collateral is fully covered only in cities such as Bishkek and Osh. In regions collateral value is low and it is insufficient for loan.

    “Within anticrisis measures in 2016 the Government created Guarantee Fund to support small and medium-sized enterprises,” – said Daniyar Imanaliev.

    Capital of GF constitutes KGS 282 million or €385,000. KGS 1 million was allocated from the budget and KGS 210 million is a grant of Asian Development Bank. The Fund issues guarantees at 1,5% of the loan amount, and since March 1, 2017 – at 2,5%

    The priority sectors for support are production and agro-processing, clothing and textile industry, construction materials production, tourism development, medical services industry, transportation and logistics services.

    In addition, it is planned to use possibilities of Guarantee Fund while implementing the Cabinet of Ministers export-oriented and import-substituting productions support program.

    http://zentralasien.ahk.de/ru/news/nachrichten-kirgistan/ahk-zentralasien-news-aus-kirgistan/artikel/neuer-garantiefonds-uebernimmt-kreditgarantien

    In Kyrgyzstan Guarantee Fund issued guarantees in the amount of KGS 11 million

    In Kyrgyzstan Guarantee Fund, created in November, 2016, to date issued 16 guarantees in the amount of KGS 11 million, – reported Deputy Minister of Economic Affairs of the Kyrgyz Republic Daniyar Imanaliev today on February 21 at a press conference “Business financial capabilities increase through OJSC “Guarantee Fund” and public-private partnership”. Press Service of the Government reported.

    ““Within anticrisis measures in 2016 the Government created Guarantee Fund to support small and medium-sized enterprises. It was created in a short period of time and nowadays fully operates.  Capital of GF constitutes KGS 282 million. To date 16 guarantees were issued in the amount of KGS 11 million”, – informed Deputy Minister of Economic Affairs of the Kyrgyz Republic.

    Chairman of the Board of OJSC “Guarantee Fund” Malik-Aidar Abakirov informed that the Fund had started its activity on November 1, 2016 and was issuing guarantees at 1,5% of the amount, and since March 1, 2017 will start issuing at 2,5%.

    The priority sectors for guarantee issue are production and agro-processing (crop production, fruit-berry and fruit-vegetable clusters, meat-dairy industry, fisheries), industry (clothing and textile industry, construction materials production), tourism development, medical services, export, transportation and logistics services., export-oriented and import-substituting enterprises, also attention will be paid to women’s entrepreneurship.

    Deputy Minister of Economic Affairs of the Kyrgyz Republic Daniyar Imanaliev noted, that within conditions of intensified global competition, entrepreneurship would take on a special significance. In this regard, the Government of the Kyrgyz Republic is undertaking different reforms, implementing new domestic business support and promotion mechanisms, one of them is the initiative of establishing OJSC “Guarantee Fund”.

    Source:  http://kabarlar.org/news/90280-v-kyrgyzstane-garantiynyy-fond-vydal-garantiy-na-summu-11-mln-somov.html

    Commissions of Guarantee Fund since March 1, 2017 are 2,5 % per annum on guarantee amount

    Commissions of Guarantee Fund since March 1, 2017 are 2,5 % per annum on guarantee amount

    Chairman of the Board of recently created Guarantee Fund Malik Abakirov during a press conference reported that the Fund from March 2017 increases commissions up to 2,5 % per annum on guarantee amount. He told about procedure for guarantee issue as well.

    “Entrepreneurs address banks and if they need a loan in the amount of KGS 1 million but collateral is insufficient, then with good loan history and business plan, the bank together with entrepreneur can address the Fund. We, considering the same criteria, can provide the borrower with that amount which is required. Meanwhile, there are commissions of the Fund. Until March 1, 2017 they constitute 1,5% and after March 1, 2017 they will constitute 2,5% per annum on amount”, – said Abakirov.

    He noted that the Board of the Fund established minimum and maximum thresholds for providing guarantees. “Minimum loan amount must be not less than KGS 300 thousand. As for minimum threshold, it is 10% of the fund capital, i.e. KGS 28,2 million. But considering that the Fund has recently started its activity, we have established maximum threshold in the amount of KGS 7 million. However, in future, for good and promising projects we may extend maximum threshold and we will consider each case separately”, – he said.

    We recall that Guarantee Fund was created on November 1, 2017. The main capital of the Fund to date constitutes KGS 282 million, USD 1 million was allocated from the republican budget, USD 3 million is granted by Asian Development Bank.

    Source: http://kant.kg/2017-02-21/komissionnyie-garantiynogo-fonda-s-1-marta-sostavyat-2-5-godovyih-ot-summyi-garantii

    Guarantee Fund issued guarantees in the amount of KGS 11 million

    In four months Guarantee Fund issued 16 guarantees in the amount of KGS 11 million. Deputy Minister of Economic Affairs of the Kyrgyz Republic Daniyar Imanaliev reported at a press conference.

    According to him, today one of the most challenging and outstanding issues is insufficient collateral for loans. About 40-50% of loan applications are rejected by commercial banks due to insufficient collateral. The most difficult situation is in regions.

    Collateral is fully covered only in cities such as Bishkek and Osh. In regions collateral value is low and it is insufficient for loan.

    “Within anticrisis measures in 2016 the Government created Guarantee Fund to support small and medium-sized enterprises. It was created in a short period of time and nowadays fully operates”, – said Daniyar Imanaliev.

    Capital of GF constitutes KGS 282 million. KGS 1 million was allocated from the budget and KGS 210 million is a grant of Asian Development Bank. The Fund issues guarantees at 1,5% of the amount, and since March 1, 2017 – at 2,5%.

    The priority sectors for support are production and agro-processing, meat cluster, meat-dairy industry, fisheries, clothing and textile industry, construction materials production, tourism development, medical services export and transportation and logistics services.

    Besides, it is planned to use possibilities of Guarantee Fund while implementing the Cabinet of Ministers export-oriented and import-substituting productions support program.

    http://24.kg/ekonomika/45608_garantiynyiy_fond_vyidal_garantiy_pokreditam_na11millionov_somov/