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!
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.
From the beginning of its activities in November 2016 as of December 14, 2018, OJSC “GF” approved 648 guarantees for a total amount of KGS 729.9 million. Under the guarantees of OJSC “GF” partner banks approved loans to entrepreneurs for the total amount of KGS 2.647 billion.
From the beginning of 2018 as of December 14, Open Joint Stock Company “GF” approved 411 guarantees in the amount of KGS 481.8 million. Under the guarantees of the Fund partner banks approved the issuance of loans to entrepreneurs in the amount of KGS 1.675 billion.
As of this date, 14 percent of the second 100 million loan received by OJSC “GF” from the RKDF to activate the guarantee support for regional entrepreneurs was disbursed. In total 4 guarantees were provided in the amount of KGS 13.6 million.