On August 27, 2019, the Extraordinary General Meeting of Shareholder was held at the office of OJSC “Guarantee Fund”. The meeting was attended by two shareholders of the fund.
Under the chairmanship of Orozbek Kenzhetaev, Chairman of the Board of Directors of OJSC “Guarantee Fund”, the meeting reviewed the report of the Board of Directors on the activities of the fund for the first half of 2019, a change in the name of the fund into a national language, and an expansion of members of the Board of Directors from three to five people and the election of additional members of the Board of Directors on the state reregistration of OJSC “Guarantee Fund” in the authorized state bodies of the Kyrgyz Republic in connection with the adoption of the new version of the Law “on Guarantee Funds in the Kyrgyz Republic”, the change in the name of the fund into the national language, the composition of shareholders, and an increase in the authorized capital to 1.132 billion KGS, as well as other issues.
Relevant decisions on all issues were made. Candidates in particular, nominated to the Board of Directors by the National Bank of the Kyrgyz Republic, Mamataliev Abdrakhman Madakimovich and Satymkulov Mirrad Zhenishbekovich, were approved, the appellation of OJSC “Guarantee Fund”, according to Article 2 of the Law “on Guarantee Funds in the Kyrgyz Republic”of 2019 was changed to national language. From now, it will be called OJSC “Кепилдик Фонд” (Kepildik Fond)
Press Conference of OJSC “Guarantee Fund”.
On August 27, 2019, the Deputy Chairman of the Management Board of OJSC “Guarantee Fund”, Azamat Kozhobaev, together with leaders of Russian-Kyrgyz Development Fund, Ayil Bank, and RSK Bank, Erkin Asrandiev, Baktybek Shamkeev, and Azizbek Omorkulov, respectively, participated in a press conference for journalists at the Kabar agency.
Azamat Kozhobaev talked about the assistance of OJSC “Guarantee Fund” in access to finance of small and medium enterprises, guarantee support for regional projects aimed at processing meat, milk, wool, and leather. The activities of Guarantee Fund have an important socio-economic effect. Because of guarantees, new workplaces are created and existing jobs are supported, migration is reduced and poverty levels are shortened in the regions.
ACTIVITY RESULTS FOR 7 MONTHS OF 2019
As of July 31, from the inception of the year 264 guarantees were approved for a total of 468 million KGS. Under the guarantees of Guarantee Funds, 1.4 billion KGS in loans were issued to entrepreneurs by partner banks.
Workplaces. Because of the provided guarantees, 604 new jobs were created and 28016 existing jobs were maintained.
Women Entrepreneurship. Women entrepreneurs received 66 guarantees worth 97 million KGS.
Export. 11 guarantees for export-oriented projects were issued in the amount of 81 million KGS.
Azamat Kozhobaev also noted the high recognition of the activities of Guarantee Fund that Asian Development Bank gave, the participation in international conferences that provoked interest in cooperation from foreign financial institutions, the guarantee funds of Tajikistan, which were and still being created according to the Kyrgyz model of guarantee funds.
Not only does OJSC “Guarantee Fund” issue guarantees, but also advises entrepreneurs, helps develop business plans, and participates in the financial management of enterprises
Almost a thousand entrepreneurs used the guarantees of OJSC “Guarantee Fund” to obtain loans from banks. But way more entrepreneurs are not able to get loans in full due to insufficient collateral. To assist entrepreneurs, OJSC “Guarantee Fund” promotes such an effective support tool as guarantees.
From the inception of practical activities till August 27, 2019, 942 guarantees in the amount of 1.247 billion KGS were approved (533 as of August 27, 2018). Partner banks approved loans in amount of 4.234 billion KGS (as of August 27, 2018 – 1.94 billion KGS).
Since the inception of the year, 286 guarantees have been approved in the amount of 492.8 million KGS. The volume of loans approved by banks amounted to 1.487 billion KGS.
In addition to guarantee support for small and medium enterprises, OJSC “Guarantee Fund” provides small and medium enterprises and other types of support –from consultations to training, from the development of business plans to participation in enterprise management, in financial management.