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  • Guarantee Fund is ready to issue guarantees to exporters

    OJSC “Guarantee Fund” in cooperation with state agency on investments and export promotion, from February 21 to March 20 will represent extensive information campaign “Export Сaravan”.

    “Export Сaravan” is aimed at informing domestic producers about export benefits, conditions, defining the number of producers, potential and active exporters, as well as identification of the needs and requirements of entrepreneurs in order to provide access to finance and their further promotion at foreign markets.

    After “Export caravan” in Bishkek, Tokmok and Karabalta producers, potential and active exporters will know:

    • What are benefits of OJSC “Guarantee Fund” guarantees
    • To whom address;
    • Mechanism of interaction;

    They will receive information from OJSC “Guarantee Fund” itself on guarantee conditions.

    «Caravan» is on the way!

    OJSC “Guarantee Fund” as SME development institute in Kyrgyzstan is a member of “Export Caravan”, which visits regions with purpose of introducing conditions and requirements of trade with Customs Union members to business communities.

    Within “Export Caravan” OJSC “Guarantee Fund” held meetings with entrepreneurs of the following cities:

    Place

    Date

    1 Bishkek  21.02.2017
    2 Tokmok  22.02.2017
    3 Kara-Balta  24.02.2017
    4 Batken  28.02.2017
    5 Osh  01.03.2017
    6 Jalal-Abad  02.03.2017
    7 Talas  10.03.2017

    During these meetings there was introduced integrated information on requirements of HACCP, possibilities to enter the Custom Unions market, development of interinstitutional relations with trade networks and search for foreign partners, Government assistance for business-communities, consultation on issues of optimal financing of projects and possibilities to obtain guarantees.

    Regarding the priority goals of providing access to finance for import-substituting and export-oriented enterprises and enterprises involved in agro-processing, OJSC “Guarantee Fund” will increase its performance in these directions. Taking into account new macroeconomic conditions, guarantees contribute to financing of entrepreneurial productive projects that will let our producers promote their products under the brand “Made in Kyrgyzstan” at the Customs Union members markets.

    KYRGYZ BUSINESSES NEED MONEY TO GROW, GUARANTEES MAKE IT HAPPEN

    https://www.usaid.gov/ru/results-data/success-stories/growing-businesses-need-money-guarantee-funds

    KYRGYZ BUSINESSES NEED MONEY TO GROW, GUARANTEES MAKE IT HAPPEN.

    Kyrgyz Minister of Economy Arzybek Kozhoshev, left, and head of the Association of Guarantee Funds Malik Abakirov believe the funds will provide good incentives for small businesses to grow.

    Ministry of Economy, Kyrgyz Republic

    Lacking collateral, entrepreneurs can still secure loans

    “Establishment of a guarantee fund is a good incentive for entrepreneurs and impetus to the development of small and medium businesses.”

    February 2017—In the Kyrgyz Republic, almost 50 percent of potential borrowers cannot get loans from banks because they do not have enough collateral. Often, these are small businesses that have good potential for growth but do not have the assets necessary to secure additional financial resources.

    Zalayka Naamatova has been baking and selling bread in Kara-Balta for six years. When she decided to expand her business and turned to banks, she faced that very problem—not enough collateral.

    “In baking business, I’m always short of money. That’s why I decided to get a loan. When I went to banks, it turned out that interests were high and they asked for a collateral,” says Naamatova.

    In 2011, the Kyrgyz Republic introduced a new financial instrument—the guarantee fund, which was designed to help entrepreneurs like Naamatova gain access to financial resources by providing guarantees on loans. A guarantee fund issues credit guarantees for businesses that do not have sufficient collateral. USAID helped to introduce this financial instrument to create new opportunities for those small and medium businesses.

    According to the Association of Guarantee Funds, since 2011, guarantee funds have issued over 400 guarantees, which have helped to generate $8.7 million (600 million Kyrgyzstani soms) in revenue and create 342 new jobs.

    “Establishment of a guarantee fund is a good incentive for entrepreneurs and impetus to the development of small and medium businesses,” says Arzybek Kozhoshev, Kyrgyz minister of the economy.

    Having seen the successful integration of the financial instrument into the country’s economy, USAID continued to support the mechanism. Under its Collaborative Governance Program, which seeks to improve the level of collaboration between government and non-government organizations, USAID has been working with the Association of Guarantee Funds to improve the legal framework for guarantee funds. The association initiated changes to the law on guarantee funds to provide access to loans for even more small and medium businesses.

    Throughout 2016, the association worked with the government, members of Parliament, and financial experts to develop changes to the current law and advocated for their adoption. In fall 2016, the amendments to the law were adopted by Parliament and approved by the president. The changes included increased thresholds for private share in guarantee funds and the amount of credit that is secured by guarantees. The association expects these changes to help mainstream the financial instrument and create more guarantee funds throughout the country.

    As the amendments to the law were being processed by Parliament, the Government of the Kyrgyz Republic recognized the contribution of guarantee funds to the economy and established a national guarantee fund as a joint stock company. With over $1 million in capital coming from the government, another $3 million was matched by the Asian Development Bank. The joint stock company Guarantee Funds is looking for new sources of funding to expand their benefits to Kyrgyz businesses even further.

    Naamatova was one of the pioneer entrepreneurs who used the services of guarantee funds. The Kara Balta guarantee fund, one of the original six funds organized throughout the country, helped her get the loan she required to grow her business.

    It is with a sense of pride that Naamatova says, “I have increased the production of bread to supply city schools and kindergartens, and to sell through the retail network. In addition, I also hired two women and increased tax payments to the local budget.”

    Dear women!

    I congratulate you with International Women’s Day!

    Let this holiday bring you warm spring full of sunny days, positive emotions and bright impressions. Let the aroma of flowers and warmness of March sun delight you with charm.

    From the bottom of my heart I wish You endless happiness, joy, love and sunny cheerful mood!

    Best regards,

    M.B. Abakirov

    Chairman of the Board OJSC “Guarantee Fund”

    OJSC “Guarantee Fund” informs about essential facts concerning financial activity:

    • Decision of Shareholders General Meeting;
    • Type of Shareholders General Meeting – annual;
    • Form of Shareholders General Meeting – voting in person;
    • Date of Shareholders General Meeting – April 3, 2017;
    • Place of Shareholders General Meeting – Bishkek, Chui Avenue 114, office No. 20;
    • Quorum of Shareholders General Meeting – 100%

    Issues put to the vote and results: 

    1. Approval of the report of the Board of OJSC “Guarantee Fund” on the results of financial and economic activities of OJSC “Guarantee Fund” for 2016.

    Voted for – 100% of the number of shareholders present.

    Decision: To approve the report of the Board of OJSC “Guarantee Fund” on the results of OJSC “Guarantee Fund financial and economic performance” for 2016.

    1. Consideration of the opinion of the external auditor of OJSC “Guarantee Fund” on OJSC “Guarantee Fund” financial performance for 2016.

    Voted for – 100% of the number of shareholders present.

    Decision: To take into consideration the opinion of the external auditor of OJSC “Guarantee Fund” on OJSC “Guarantee Fund” financial performance for 2016.

    1. Amendments and additions to the Charter of OJSC “Guarantee Fund”.

    Voted for – 100% of the total number of voting shares of the Company.

    Decision: To approve proposed amendments and additions to the Charter of OJSC “Guarantee Fund”.

    1. Approval of “Corporate Governance Code of OJSC” Guarantee Fund “.

    Voted for – 100% of the number of shareholders present.

    Decision: To approve the proposed “Corporate Governance Code of OJSC” Guarantee Fund “.

    1. Approval of the financial plan and budget of OJSC “Guarantee Fund” for 2017.

    Voted for – 100% of the number of shareholders present.

    Decision: To approve the financial plan and budget of OJSC “Guarantee Fund” for 2017.

    1. Approval of the organizational structure of OJSC “Guarantee Fund”.

    Voted for – 100% of the number of shareholders present.

    Decision: To approve the proposed organizational structure of OJSC “Guarantee Fund”.

    1. Approval of the staff schedule of OJSC “Guarantee Fund”.

    Voted for – 100% of the number of shareholders present.

    Decision: To approve the proposed staff schedule of OJSC “Guarantee Fund”.

    1. Election of an external auditor of OJSC “GF” for 2017 and determining the amount of remuneration to an external auditor.

    Voted for – 100% of the number of shareholders present.

    Decision: To elect the audit company “Marka Audit” as the external auditor of the Company, for 2017, and determine the amount of remuneration in the amount of KGS 196 600 (one hundred ninety-six thousand and six hundred). As for the Chairman of the Board of the Company, to conclude an audit services agreement with the audit company “Marka Audit”.

    1. Re-election of the Board of OJSC “Guarantee Fund”.

    Voted for – 100% of the number of shareholders present.

    Decision: To elect the Board of OJSC “Guarantee Fund” in the following composition: Chairman of the Board Abakirov Malik-Aidar Barktabasovich, Deputy Chairman of the Board Kozhobaev Azamat Turatbekovich and Deputy Chairman of the Board Tuloberdiev Talant Temirbekovich.

    1. Approval of the Provision for Auditor of OJSC “Guarantee Fund”.

    Voted for – 100% of the number of shareholders present.

    Decision: To approve the proposed Provision for Auditor of OJSC “Guarantee Fund”.

    1. Consideration of the opinion of the Auditor of OJSC “Guarantee Fund” on OJSC “Guarantee Fund” financial and economic performance for 2016.

    Voted for – 100% of the number of shareholders present.

    Decision: To take into consideration the opinion of the Auditor of OJSC “Guarantee Fund” on OJSC “Guarantee Fund” financial and economic performance for 2016.

    1. Election of an Auditor of OJSC “Guarantee Fund”.

    Voted for – 100% of the number of shareholders present.

    Decision: To elect Almaz Koshoev as the auditor of OJSC “Guarantee Fund”.

    1. Approval of the anti-corruption policy of OJSC “Guarantee Fund”.

    Voted for – 100% of the number of shareholders present.

    Decision: To approve the proposed anti-corruption policy of OJSC “Guarantee Fund”.