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  • Happy New Year 2019!

    OJSC “Guarantee Fund” congratulates with Happy New Year!

    We wish you happiness, health and prosperity.

    We thank our partners and customers for successful cooperation in 2018 and we hope for the continuation of mutually beneficial business relations in 2019, as well as the influx of new entrepreneurs who need guarantee support!

    The support of the President of the Kyrgyz Republic and the Jogorku Kenesh and the desire to assist small and medium-sized enterprises provide us with a great impetus in expanding regional guarantees, implementing our own development programs related to the creation of the automotive industry, reviving agricultural engineering, and improving the performance of the dairy sector.
    The implementation of our plans is a contribution to the development of the economy of Kyrgyzstan, the strengthening of its socio-economic situation, the creation of regional infrastructure.

    We wish you success and prosperity in New Year!

    Business Ombudsman Institution may appear in Kyrgyzstan

    Expert opinion.

     “For the timely and targeted protection of business interests, it is planned to introduce a business ombudsman institution,” said the Prime Minister Muhammedkaliy Abylgaziev on June 28 of this year, speaking at the next meeting of the Business Development and Investments Council under the Government of the Kyrgyz Republic.

    We asked Gulnara Uskenbaeva, the President of the Suppliers Association of the Kyrgyz Republic, a member of the Advisory Board of OJSC “Guarantee Fund”, to comment on the possible appearance of a business ombudsman in Kyrgyzstan.

    “The need for this institute has already appeared in our country,” says Gulnara Turarovna, “small and medium enterprises (SMEs), especially in the regions, need protection. This especially concerns inspection by some government agencies. The Prime Minister Muhammedkaliy Abylgaziev said that “an increase in the volume of investments is possible only when entrepreneurs are confident in the future, in their personal safety and business integrity, and state bodies should make maximum efforts to create favorable conditions for doing business in the country “.

    Today, all entrepreneurs and the business community, in general, are waiting for concrete measures to protect the interests of entrepreneurs, to eliminate various bureaucratic obstacles hindering their successful development.

    It is necessary to improve and simplify tax reporting for SMEs, transfer the relationship between business and government bodies to electronic format and reduce administrative pressure on entrepreneurs. Therefore, we, the business community, welcome the idea of ​​creating an institution of a business ombudsman in Kyrgyzstan”.

    Information: According to the Internet, at present the institution of business ombudsman has been established in more than a hundred countries. In different countries, business ombudsmen have different names and differ in terms of their powers, place and role in the system of state bodies. In some states, the powers to protect the rights of entrepreneurs and business in relations with state bodies are assigned to human rights ombudsmen. Sometimes self-regulated (independent) business ombudsmen operate on the basis of unions, associations of business entities or chambers of commerce (Spain, Austria). However, in most countries, ombudsmen for the rights of entrepreneurs exist in the status of independent state bodies (officials).

    In France the ombudsman institution is called Mediator, that is, the mediator (intermediary). The mediator does not advocate rights and freedoms, but “encourages” the state body to review its actions or inaction. The mediator in France is a structural unit of the Ministry of Economy, Finance and Industry. The mediator considers the complaints of entrepreneurs, following which makes recommendations aimed at improving the work of the relevant structural units of the Ministry.

    In the US the Business Ombudsman Institute is part of the Small Business Administration (SBA). The National Ombudsman is appointed by the head of the SBA and is an official of this administration. A distinctive feature of the institution of the US National Ombudsman is that it deals exclusively with small business affairs. Another of its features is the presence of a regional network of offices and representative offices, which are officially called “fair regulatory enforcement in small business”.

    In addition, unlike the practice of other countries, the US National Ombudsman usually does not complete the consideration of the case with recommendations to the parties. Instead, the consideration of the case ends, as a rule, with the direct response of the state body to the applicant, and the ombudsman performs the role of a “business attorney” aimed at ensuring that the matter is considered at the required level and that the principles of legality and justice are observed.

    In Georgia the business ombudsman institution is called the tax ombudsman. This institute appeared due to tax reform and was established in 2011 by the Tax Code. The law states that the duties of the Ombudsman are to oversee the protection of the rights and legitimate interests of taxpayers, identify violations of rights and facilitate their recovery. This is a feature of the ombudsman institution in Georgia, which solves problems only in the field of taxation and does not deal with the resolution of other business problems.

    As it can be seen from the examples given, the main functional responsibilities of business ombudsmen are related to the consideration of complaints from entrepreneurs, the issuance of opinions and the sending of recommendations to state bodies. Some business ombudsmen have the right to initiate legislation, that is, they have the right to propose to the law-making body to make changes to the current legislation in order to improve the conditions for business (Sweden). Others do not have such a right, but they can come up with proposals to improve the activities of government bodies (the United Kingdom, France).

    It should be noted that business ombudsmen in all countries accept complaints only after the applicant made an attempt to resolve the disputed issue with the relevant government agency and this attempt did not lead to a satisfactory result.


    As at 28 December 2018 OJSC “GF” has approved 656 guarantees for a total amount of KGS 755 million. Under the guarantees of OJSC “GF” partner banks approved loans to entrepreneurs for the total amount of KGS 2.752 billion.

    From the beginning of the current year, 419 guarantees were approved in the amount of KGS 506 million. Under the guarantees of the fund partner banks approved loans to entrepreneurs totaling KGS 1.779 billion.

    In general, in December, guarantees were provided in the sector of agriculture, processing of agricultural products, industrial production, as well as in the sphere of tourism and services. The amounts of guarantees by sectors ranged from 1 to 10 (agriculture, processing), 12 (industry), 31 (tourism). Total loans ranged from 3 to 38 (agriculture, industry), 59 (processing), 216 (tourism).

    Our customers in December were mainly entrepreneurs from Osh, Jalal-Abad, Naryn, Chui regions and Bishkek city.

    In December, almost all partner banks took part in issuing loans under the guarantees of OJSC “GF”.


    Guarantees of OJSC “GF”, which serve as the guarantee for the missing part of the collateral provided by entrepreneurs, help them develop business and implement various projects. The advantages of the new financial instrument have already been appreciated by hundreds of Kyrgyz entrepreneurs. The guarantees saved them from the risk of obtaining a smaller loan amount (equal to the value of the collateral), or the required amount, but at high interest rates.

    As at 21 December 2018 OJSC “GF” approved 651 guarantees in the amount of KGS 731 million. The amount of loans approved by partner banks under the guarantees of OJSC “GF” amounted to KGS 2.6551 billion.

    From the beginning of 2018, 414 guarantees were issued in the amount of KGS 482.9 million. The amount of bank loans under guarantees amounted to KGS 1.679 billion.
    It should be noted that among the partners there are 11 commercial banks with numerous branches in all regions of the republic and the Russian-Kyrgyz Development Fund (RKDF).



    Guarantees of OJSC “GF” promote development of small and medium-sized enterprises and implementation of business projects and in general contribute to development of the economy in the country. This is evidenced by the performance indicators for the past period.

    So, since the beginning of practical activities and as at 18.12.18 (a good combination of numbers!) OJSC “GF” approved 649 guarantees for the amount of KGS 730.2 million. The amount of loans approved by partner banks under the guarantees of OJSC “GF” amounted to KGS 2.648 billion (as at June 26, the amount was 1.684 billion – another interesting combination of numbers and what a breakthrough of almost a billion!).

    In the current year, OJSC “GF” continues to demonstrate good rates of guarantee support for entrepreneurs. In total, 412 guarantees were approved in the amount of KGS 482.1 million. The volume of bank loans under guarantees amounted to KGS 1.675 billion (almost as much as was issued since the start of activity as of June 26!).

    Today, support of such a financial instrument as guarantees is required not only by micro and small and medium-sized enterprises (SMEs), but even large ones coming through the RKDF credit line. Understanding the importance of this effective tool for supporting SMEs, the President and the Government of the Republic provide institutional and financial support to OJSC “GF”.
    After all, thanks to guarantees, entrepreneurs develop and expand production, create a gross product, contribute to solving social and economic problems in all regions of Kyrgyzstan, including employment and reducing migration.

    It should be noted that among the recipients of guarantees, almost one third are women entrepreneurs.

    In addition to issuing guarantees, the Fund regularly holds seminars in the regions to train entrepreneurs in financial literacy and seminars for employees of partner banks on the mechanisms of cooperation in issuing loans under guarantees.

    Also worth noting the development of a number of strategic programs by OJSC “GF”, including the program on creation of the domestic automobile industry (buses), the restoration of agricultural engineering (tractors) and “One region- one enterprise” program (which aims to promote the creation of new enterprises and/or new directions in already existing enterprises in all regions of the republic).

    Also, OJSC “GF” intends to participate jointly with the World Bank in the implementation of a project on increasing the productivity of the dairy sector in the Issyk-Kul region.