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  • OJSC “GUARANTEE FUND” PROMOTION PROGRAM ECONOMIC DIVERSIFICATIONS

    ADB Grant.

    A working meeting was held recently in the Government of the Kyrgyz Republic on the implementation of the first sub-program of the Economic Diversification Promotion Program, supported by the ADB. The Chairman of the Management Board of OJSC “Guarantee Fund”, Malik Abakirov, participated in it.

    As previously reported, the ADB approved a grant based on an action policy of 50 million KGS for the first sub-program of the Economic Diversification Promotion Program, which supports the efforts of the Kyrgyz government to diversify the economy through reforms. There will be two such sub-programs – in 2019 and 2021 (each worth 50 million USD).

    On October 21, 2019, Jogorku Kenesh Committee on Budget and Finance approved a bill on ratification of a grant from ADB in amount of 50 million USD for the first sub-program of the Economic Diversification Promotion Program.

    The program supports the efforts of the government of the republic to implement four priority areas for reform of the National Strategy for Sustainable Development for 2018-2040: improving the country’s trade and investment competitiveness, developing SMEs, promoting public-private partnerships, and developing skills related to the needs of industries.

    According to the Chairman of the Management Board of OJSC “Guarantee Fund”, who participated in the meeting, he had previously met with ADB national consultant Kylych Dzhakypov and ADB representative Tony Daza. The issues of supporting SMEs, the successes achieved and the ways of further reforming of OJSC “Guarantee Fund” were discussed.

    “With regard to the participation of OJSC “Guarantee Fund” in the implementation of the sub-program of the Economic Diversification Program in the development of SMEs, we offer a number of initiatives, including the establishment of the Institute for the Development of SMEs on the basis of OJSC “Guarantee Fund”, in conjunction with which the Bank should be opened to finance SMEs.

    OJSC “Guarantee Fund” also plans to create a private equity fund, as yet another area of reform in support of entrepreneurship.

    In addition, there are strategic plans for the enlargement of enterprises, that is, to facilitate the development of small enterprises into medium-sized, and medium-sized enterprises into large ones. Then, in the next 5 years, the fund plans to bring 50 enterprises of Kyrgyzstan to the level of the largest companies in Kyrgyzstan, using the possibilities of entering the capital, joint management of the enterprise.

    The fund is confident that the cooperation between ADB and the Government of the Kyrgyz Republic will contribute to the growth of the country’s economy. OJSC “Guarantee Fund” will continue to provide comprehensive support to SMEs.