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  • “CREATING GUARANTEE FUNDS IN THE REPUBLIC OF TAJIKISTAN”

    This is one of the items of the Resolution of the First National Conference “Financial Inclusion in the Republic of Tajikistan”, held in Dushanbe (Tajikistan) on August 15, 2019. At this conference, the Chairman of the Management Board of OJSC “Guarantee Fund”, Malik Abakirov, made a presentation on the principles and results of the two-level Kyrgyz model of guarantee funds.

    Considering the effectiveness of activities and significant assistance to entrepreneurs from guarantee funds, in the operative part of the conference “Financial Inclusion in the Republic of Tajikistan”, the following decision was made: “CREATE GUARANTEE FUNDS IN THE REPUBLIC OF TAJIKISTAN”.  The basic model of guarantee funds is supposed to be the Kyrgyz Model of guarantee funds, which has established itself as a very successful financial institution and effective assistance for entrepreneurs.

    P.S.  for information purposes, it should be noted that back in May 2018, ADB recognized the activities of two-level Kyrgyz Model of guarantee funds as successful and effectively helping entrepreneurs. In this regard, ADB recommended that the governments of the countries of Central Asia and Caucasus introduce guarantee funds according to the Kyrgyz Model.

     

    PARTNER BANKS OF OJSC “GUARANTEE FUND” OWN THE GREAT SHARE IN THE BAKING SYSTEM OF KYRGYZSTAN

    As of August 20, 2019, OJSC “Guarantee Fund” approved 937 guarantees for a total amount of 1.244 billion KGS. The volume of loans approved by partner banks summed to 4.229 billion KGS.

    Since the beginning of this year, 281 guarantees have been approved in the amount of 489.6 million KGS. Under the guarantee of the fund, partner banks approved loans in the amount of 1.476 billion KGS.

    Eleven partner banks of OJSC “Guarantee Fund” as of July 1, 2019 occupied a significant share in the banking system of Kyrgyzstan (Optima Bank not included, because it concluded a cooperation agreement with OJSC “Guarantee Fund” only on July 15, 2019):

    • Assets – 68.1%
    • Loan Portfolio – 68.1%
    • Deposit portfolio – 69.8%
    • Equity – 60.7%
    • RPPU – 56.5%
    • Net Profit – 85.6%

     

    “KYRGYZ MODEL OF GUARANTEE FUNDS ARE BEEING IMPLEMENTED IN THE REPUBLIC OF TAJIKISTAN!”

    “KYRGYZ MODEL OF GUARANTEE FUNDS ARE BEEING IMPLEMENTED IN THE REPUBLIC OF TAJIKISTAN!”

    “Zamonat” PO has begun introducing the Kyrgyz model of the guarantee fund in the Republic of Tajikistan, informed us the Chairman of the Management Board of OJSC “Guarantee Fund” Malik Abakirov, who is in Dushanbe and participates in the international conference “Financial Inclusion in the Republic of Tajikistan”.

    “Zamonat” PO was specially established by the Open Society Institute (Republic of Tajikistan) to assist entrepreneurs in obtaining the necessary loan amount with an insufficiency of collateral.

    The process of implementation begins with the training (2015 – 2019) of representatives of the Republic of Tajikistan and the results of practical activities of the two-level Kyrgyz model of guarantee funds, which was conducted by Malik Abakirov, Chairman of the Association of the Guarantee Fund of the Kyrgyz Republic (2013-2017), and Chairman of the Management Board of OJSC “Guarantee Fund”

    The selection by the Tajik side of our Guarantee Fund model was facilitated by the successful and dynamic activities of OJSC “Guarantee Fund”, the Association of the Guarantee Fund of the Kyrgyz Republic, regional guarantee funds and their effective assistance in the development of entrepreneurship.

    Keeping this in mind, the Open Society Institute allocated 290 thousand USD to the capital of “Zamonat” PO, and the National Bank of the Republic of Tajikistan, representatives of commercial banks and micro-depository organizations fully accepted the Kyrgyz model of guarantee funds, and are ready to start cooperation with the “Zamonat” PO.

    M. Abakirov, Chairman of the Management Board of OJSC “Guarantee Fund” and L. Salimova, Deputy Chairman of the Management Board of the National Bank of the Republic of Tajikistan, are discussing the Kyrgyz Model of Guarantee Funds”.

     

    The official letter of “Zamonat” PO on the beginning of the practical application of the Kyrgyz model of guarantee funds in the Republic of Tajikistan