OJSC “Guarantee Fund” (OJSC “GF”) provides support for small and medium sized enterprises by issuing guarantees in case of insufficient collateral. As at 17 July 2018, OJSC “GF” approved 500 guarantees amounting to KGS 497 million for SMEs. Volume of loans approved by partner banks constituted KGS 1.81 billion.
It should be noted, that for 2017, OJSC “GF” approved 234 guarantees amounting to KGS 246 million. For 7.5 months of 2018, the Fund approved 263 guarantees in the amount of KGS 249 million, that exceeds annual indicator both by number and amount. It shows the efficiency of the activities of OJSC “GF”. Since the start of 2018, partner banks approved loans under guarantees of OJSC “GF” in the amount of KGS 838 million.
As at 17 July 2018, OJSC “GF” disbursed 60% of the RKDF loan obtained on May, 2018 (35 guarantees amounting to KGS 60 million were approved)
OJSC “GF” account received first KGS 100 million out of KGS 300 million granted by the Government of the KR for the Fund’s authorized capital increase.
The authorized capital increase, according to the Order of the Government of the KR of June 25, 2018, No. 217-b, will contribute to the efficiency enhancement of the activities of Open Joint Stock Company “Guarantee Fund”, which in the Year of Regional Development intends to expand the coverage of rural entrepreneurs with guarantees, while providing substantial support to small and medium-sized enterprises, including women entrepreneurs, through business process trainings, consulting and business plan development.
OJSC “GF” will also participate in industrial development of the KR.
On July 17, 2018, OJSC “GF” and LLC “Dos TJM” signed an agreement on the participation of OJSC “GF” in the management of the limited liability company “Dos TJM”. The Chairman of the Board of OJSC “GF” Malik Abakirov and the Director General of “Dos TJM” LLC Tologon Ibraev signed the agreement.
In accordance with this agreement, OJSC “Guarantee Fund” will participate in the financial management of the enterprise, its development strategy, including business strategies, attracting investments and working with investors, donors, and banking structures.
Cooperation between OJSC “GF” and LLC “Dos TJM” will contribute to the production improvement and enhancement of technological processes; timely implementation of the agricultural machinery development program of in the Kyrgyz Republic, in which the enterprise is involved.