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  • Guarantee Fund will participate in implementing State Financial Support project for export-oriented and import-substituting enterprises

    Guarantee Fund will participate in implementing State Financial Support project for export-oriented and import-substituting enterprises

    OJSC “Guarantee Fund” and The State Agency for Investment and Export Promotion signed Memorandum on cooperation

    On July 14, 2017 OJSC “Guarantee Fund” and The State Agency for Investment and Export Promotion under the Ministry of Economy of the Kyrgyz Republic signed Memorandum on cooperation

    After the signing the Chairman of the Board of OJSC “GF” Malik Abakirov noted: “Our cooperation is aimed at assisting entrepreneurs in access to financing, attracting investments and providing guarantees. One of the priority issues for OJSC “Guarantee Fund” and The State Agency for Investment and Export Promotion is financial support for export-oriented and import-substituting enterprises.

    We can say that this Memorandum is a real step towards realization of the Order of the Government of the KR from July 4, 2017 No 272-r, according to which OJSC “GF” and The State Agency for Investment and Export Promotion will contribute export-oriented and import-substituting enterprises in access to financing”.

    According to OJSC “GF” data for 6 months of 2017 export-oriented and import-substituting enterprises were provided with 19 guarantees, that is 21% of the total number of guarantees. Support for these enterprises is one of the priority objectives of our Fund.

    We would like also note that activity of OJSC “GF” is not limited by guarantee issue. Now our employees of the Fund consult entrepreneurs on business planning, hold training seminars for them and all representatives involved in SME support in the capital and regions. A big attention is paid to women entrepreneurship support.”

    Management of the Fund has recently announced its plans on opening a training center under the Association of Guarantee Funds for increasing financial literacy of entrepreneurs, designing business plans, business administration considering potential risks.

    This training center will suggest a broad range of courses and seminars on management, marketing, accounting. The relevant part of this training will be improving leadership and communicative skills of entrepreneurs.

    “But it will be a little later, – said Malik Abakirov, – at the moment OJSC “GF” assists in promoting business projects of attendees of seminars, i.e. employees of the Fund assist in designing business plans and realizing it at all development stages: business administration, addressing partner banks for loans and if necessary providing guarantees.

    Such an approach, by the way, in fact does not occur in the sphere of SME. Usually miscellaneous centers and funds are limited by issuance of certificates to attendees but do not provide real support for business promotion.

    Another new update of OJSC “GF” is information product – “Commercial banks rating”, which is prepared monthly by specialists of the Fund based on financial statements of banks. “As we strive to attract banks as partners, then deep analyzing of the banking system indicators is a necessary condition for us. That’s why we make a monthly rating based on many parameters of each bank’s activity.

    We are planning to disseminate rating results through leading mass media on a free base to

    make as many readers as possible acquaint with essential banking indicators. It is our contribution to financial literacy increase of population,” – concluded Malik Abakirov.