Kyrgyzstan and EBRD Cooperation.
EBRD has invested approximately $ 730 million USD in various sectors of economy. The current project portfolio for now amounts to 184 million EUR, and 71 active project portfolio. The energy sector has 5%, financial institutions – 24%, and manufacturing, trade and the agricultural sector -18 % all together. Meanwhile, the share of the private sector is almost about 53%.
The present information was stated at a meeting of the Prime Minister of the Kyrgyz Republic M. Abylgaziev with a delegation of members of EBRD Board of Directors on September 13. It is important to note that EBRD Strategy for the Kyrgyz Republic for 2019-2024 was adopted, within the framework of which cooperation will be actualized. The members of the Board of Directors noted that the EBRD has very ambitious plans – two parties intend to sign 5 joint projects on water supply which is worth 28 million EUR, including 16 million EUR grant funds for projects in Jalal-Abad, Myrzaki-Kurshab, Kerben, Naryn, and Isfana.
The support provided to OSJC “Guarantee Fund” by the head of the state, parliament, and government gives a great incentive to intensify work in all areas of activity, including issuing guarantees to entrepreneurs, implementing the “One Region – One Enterprise” program, and other projects.
From the inception of 2019, as of September 13, partner banks approved loans in the total of 1.590 billion KGS under guarantees of the fund. In sum, 302 guarantees were approved in the sum of 522.7 million KGS.
As of today, OJSC “Guarantee Fund” approved 963 guarantees in total of 1.277 billion KGS. The volume of bank loans under the guarantees summed to 4.343 billion KGS.
OJSC “Guarantee Fund” assists small and medium enterprises in obtaining bank loans and implementing business projects, contributing to the creation of new and support of existing jobs. Almost a third of guarantee recipients are women entrepreneurs. Significant support of fund is received by export-oriented and import-substituting enterprises.
The performance indicators of OJSC “Guarantee Fund” testify to the efficacy of taken measures and efforts to develop a guarantee system in all regions of the republic.
Guarantee Providing Mechanism.
Specialists of OJSC “Guarantee Fund” held a seminar for credit specialists of CB “Kyrgyzstan” on September 13. The seminar had educational fashion and was devoted to consideration of the mechanism for providing guarantees of OJSC “Guarantee Fund”.
9 employees of a partner bank, including one representative from each of Bishkek and Chui region branches.
The specialists of the fund also familiarized bank employees with the nominations of the action announced by the fund to stimulate credit specialists of partner banks. In fall of this year, the results of the action will be summarized, according to the results of which, bank experts, who issued more loans under guarantees in monetary and quantitative terms in the regions of the republic, will receive prizes.
Note that CB “Kyrgyzstan” has been cooperating with guarantee funds since 2012. Particularly, as of August 31, 2019, under the guarantees of “Guarantee Fund”, the bank issued loans in total of 583 million KGS. The volume of guarantees amounted to 183 million, and the number of loan receivers – 88 people.
For 8 months of 2019, as of August 31, 35 entrepreneurs received loans under guarantees in sum of 84 million KGS.