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    Export of Ideas.

    Chairman of the Management Board of OJSC “Guarantee Fund” Malik Abakirov participated in the First National Conference on Financial Inclusion in the Republic of Tajikistan, which was held on August 15 in Dushanbe.

    It should be noted that new guarantee fund was founded and began working in Tajikistan. The basis of the Tajik guarantee fund is the model of Kyrgyz guarantee funds. This was announced shortly before the conference in a letter by Director of the Zamonat Public Organization N. Karimova addressed to Malik Abakirov.

    This was preceded by a study of the two-level activity of guarantee funds, including regional and OJSC “Guarantee Fund”, for the period from 2015 to 2019, N. Karimova writes. In 2015 and 2018, business trips to Kyrgyzstan took place for this purpose. Also, in 2015 and 2019, seminars were held in Dushanbe, at which Malik Abakirov spoke. He also conducted distance training for Tajik specialists.

    The theoretical basis for the study and practical implementation of the Kyrgyz model of guarantee funds in Tajikistan was the books of Malik and Syrgak Abakirov’s “Guarantee Fund as an Instrument for the Development of Small and Medium Businesses” (2014) and “Access to Finance of Small and Medium Enterprises: Guarantee Fund” (2019).

    The banking systems of the two countries were compared with the experience of state support of SMEs. Only after that it was decided to use the Kyrgyz model of guarantee funds to assist entrepreneurs of the Republic of Tajikistan in obtaining loans with a lack of collateral.

    The Open Society Institute of the Republic of Tajikistan allocated 290 thousand US dollars as the authorized capital of PA Zamonat for providing guarantees.

    The idea of Malik Abakirov about exporting not only goods and products, but also ideas, finds its practical embodiment.



    As of August 14, 2019, OJSC “Guarantee Fund” approved 932 guarantees for a total amount of 1.243 billion KGS. Under the guarantees of OJSC “Guarantee Fund”, partner banks approved loans in the amount of 4.223 billion KGS.

    Since the inception of this year, 276 guarantees have been approved in the amount of 488 million KGS. Partner banks approved the issuance of loans to entrepreneurs in the amount of 1.471 billion KGS. These indicators demonstrate that there is a trajectory of constant and steady growth

    Up to this date, 5 percent of the third loan of the Russian-Kyrgyz Development Fund (100 million KGS) was used, aimed at supporting regional entrepreneurs. Guarantees were received by 3 companies – clients of the fund – in the amount of 5.3 million KGS.

    A reminder of services that OJSC “Guarantee Fund” provides:

    • Consulting and information services for entrepreneurs;
    • Assistance in the development of business plans;
    • Conducting seminars for bank employees on guarantee mechanisms;
    • Participating in enterprise management.

    The program of OJSC “Guarantee Fund” “One Region –One Enterprise” is also being implemented. Currently, 40 projects of entrepreneurs from regions and cities of the republic, including export-oriented ones, have received guarantee support.

    The essence of the program is to create new enterprises or new directions in existing industries.

    Seven Months have passed, the number of guarantees is more and more!

    Seven Months have passed, the number of guarantees is more and more!

    According to the results of first seven months of 2019 (as of July 31, 2019) OJSC “Guarantee Fund” issued 264 guarantees in the amount of 468.3 million KGS. The amount of loans issued by partner banks under guarantees amounted to 1.4 billion KGS.

    Almost all partner banks were involved in issuing loans under guarantees. With the exception of Optima Bank, which only recently concluded a Cooperation Agreement with OJSC “Guarantee Fund”

    Thus, “Ayil Bank” – 90 guarantees, “RSK Bank” – 53 guarantees, “Kyrgyzstan” – 31 guarantees, KICB – 22 guarantees, “Halyk Bank” – 17 guarantees, “Bakai Bank” – 15, “Bank of Asia” – 14, “FINCA Bank” – 11, “Companion” – 5, “Demir Bank” and “BTA Bank” – issued 3 guarantees.




    For the period of seven months of 2019, 604 new workplaces were created,

    2816 existing jobs were maintained

    As of August 9, 2019, OJSC “Guarantee Fund” approved 927 guarantees in the amount of 1.2 billion KGS. The amount approved by partner banks summed to 4.2 billion KGS.

    Since the beginning of 2019, 271 guarantees have been approved in the amount of 482.8 million KGS. The volume of loans approved by banks under the guarantees of OJSC “Guarantee Fund” accounted to 1.4 billion KGS.

    Statistics for seven months

    Of 264 guarantees, 101 were issued to agriculture (50 million KGS), 20 – to the agricultural product processing industry (101.3 million), 31 – to manufacturing (110 million KGS), 23 – to tourism, 21 – to transport activity, 11 – to the service sector, 4 – to construction, 53 – to trade.

    The average guarantee amount for the period amounted to 1.3 million KGS.

    The average guarantee period was 1.6 years.

    By terms, statistics of issued guarantees goes as follows:

    Up to one year – 31 guarantees in the amount of 25.5 million KGS,

    1-2 years – 141 in the amount of 209.8 million KGS,

    2-3 years -92 guarantees in the amount of 232.8 million KGS.

    The share of export-oriented enterprises supported by the guarantees of OJSC “Guarantee Fund” amounted to 18 percent.

    The share of female entrepreneurship was 28 percent.

    The share of guarantees in GDP was 0.17 percent.