Today, October 15, is celebrated around the world as the International Day of Rural Women. It was established by the UN in 2007.
The General Assembly noted the important role of rural women in agricultural and rural development, their contribution to improving food security and eradicating poverty.
According to statistics, rural women make up more than a quarter of the world’s population. In Kyrgyzstan, women, especially rural women, are active participants in all social and entrepreneurship processes. Their contribution to the country’s economy is significant. More than a third of the guarantees of the OJSC “GF” were provided to women-entrepreneurs.
The essence of this date is not only to recognize their role and contribution to the development of society and economy, but also to ensure their personal and family rights, access to medicine, education, finance, information and communication technologies.
As of October 15, 2020, loans approved by partner banks under guarantees of OJSC “GF” amounted to 2.5 billion KGS. 1316 guarantees were issued for a total amount of 604.8 million KGS.
In total, since the beginning of its activity, OJSC “GF” has provided 2,918 guarantees in the amount of 2.28 billion KGS. The loans amounted to 8.16 billion KGS.
In the first half of October, thanks to guarantees, entrepreneurs from the industries, agriculture and processing of agricultural products received loan resources for the purchase of transport and equipment, replenishment of working capital (purchase and processing of pistachios), breeding of cattle, purchase of food products and other purposes.
OJSC “GF” places particular emphasis in its activities not only on guarantee support for entrepreneurs who need loans for the production development and modernization, technical re-equipment or replenishment of working capital, but also on the contribution to ensuring employment of the population.
For example, in 2020, as of September 30, 469 new jobs were created and 2,930 existing ones were supported. In total, since the beginning of the activity to this date, 2882 jobs have been created and 13 392 existing ones have been supported.
Here the socio-economic effect of the activities of the OJSC “GF” is obvious: the creation and support of jobs has a beneficial effect on the income of employees, the well-being of their families.
We also note that tax collections and social contributions to local budgets are increasing, thereby expanding their capabilities to address and solve priority and strategic socio-economic problems.
One of the priorities of OJSC “GF” is to support active women-entrepreneurs doing business in all sectors and regions of Kyrgyzstan and in the implementation of their business plans.
During direct meetings with entrepreneurs, consultations conducted by employees of OJSC “GF”, primarily regional representatives, women-entrepreneurs are always invited. They receive consultations on obtaining guarantees, participation in the programs of OJSC “GF”, assistance in drawing up business plans.
Thanks to this cooperation, more and more women are applying for guarantees of OJSC “GF”. For example, according to the results of three quarters of 2020, 544 out of 1271 guarantees were provided to women- entrepreneurs. In total, during the whole period of activities of OJSC “GF” and as of September 30, 2020, they received 1081 guarantees (out of 2873 guarantees).
Among women-entrepreneurs are representatives of all regions, including export-oriented industries – garment makers, agricultural producers, processors, representatives of the service sector, tourism.
The Ministry of Finance of the Kyrgyz Republic is implementing the Emergency Support to Micro, Small and Medium Entrepreneurs (MSME) Project for a total amount of 100 million USD. The GF will assist in the implementation of the Portfolio Risk Allocation Mechanism Component in the amount of 24 million USD.
In the context of a pandemic that caused difficulties in the economy and social sphere around the world, including in Kyrgyzstan, supporting entrepreneurs, providing them with access to finance, is an urgent task of the government, which has a significant socio-economic effect.
As part of the Portfolio Risk Sharing Mechanism Component, the GF will provide guarantees that will allow the banking system to maintain the current volumes of business lending in the context of the coronavirus pandemic and in the recovery period after it. These measures will provide entrepreneurs with access to sources of financing and thereby allow them to establish business processes, retain sales markets, and strengthen the material, technical and financial situation.
Thanks to the guarantee support of the OJSC “GF”, existing jobs will be supported and new jobs will be created in the regions of Kyrgyzstan, incomes of residents, revenues to local budgets will increase, industrial and agricultural infrastructure will be developed in the districts and regions of the country.