Malik Abakirov, Chairman of the Management Board of OJSC “Guarantee Fund”, met with representatives of the Japanese mission in Kyrgyzstan –Kenji Nakazawa (President of the Eurasian Institute of Industrial Technology) and Mitsuhiro Maeda (President of the Research Institute for Social Ethics).
Japanese guests arrived on a mission to study SMEs in Kyrgyzstan. It was not the first time when Kenji Nakazawa visited Bishkek; he headed the representative office of the European Bank for Reconstruction and Development in the Kyrgyz Republic for several years.
Recently, the Government of Japan has been pursuing a policy of cooperation with Central Asian republics, it is research the economic life of the region to enter the local market and markets of neighboring countries.
During the discussion with Japanese guests, Malik Abakirov acquainted them in detail with the activities on guarantee support for entrepreneurs, assistance in access to finance, and the provision of consulting and other services.
Kenji Nakazawa and Mitsuhiro Maeda expressed surprise at the pace of development of OJSC “Guarantee Fund”: “What conditions and reasons allowed you to achieve such success in the development of the guarantee system in just 2.5 years of practical activity?
Malik Abakirov mentioned a number of conditions:
- The right choice of leader
- Formation of a strong team of professionals
- Selection of the optimal model of guarantee funds
- The combination of the Guarantee model with the financial and banking system of the country
- Combination of the guarantee fund model with the level of development of SMEs
- An appropriate level of capitalization of a guarantee fund.
The head of the fund also emphasized that the Kyrgyz Model of guarantee funds was highly appreciated by ADB and was recommended for implementation in Central Asia and the Caucasus. The Kyrgyz Model of guarantee funds is currently practiced in Tajikistan.
Kenji Nakazawa and Mitsuhiro Maeda were pleased with the substantial information received, and promised to include it in their report.
At the end of the meeting, Malik Abakirov presented them with his book “Access to SME Finance: Guarantee Fund”, which also reflects the Japanese experience in supporting SMEs. The Japanese expressed gratitude for the gift and promised to translate the book into English.
On photo (left to right): Mitsuhiro Maeda, Malik Abakirov, and Kenji Nakazawa.