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  • APPROVED GUARANTEES AMOUNTED TO 790 MILLION KGS IN 2020

    APPROVED GUARANTEES AMOUNTED TO 790 MILLION KGS IN 2020

    Business support

    November turned out to be fruitful for OJSC “Guarantee Fund” in terms of providing guarantees to entrepreneurs experiencing problems with collateral security. As of November 23, 2020, the amount of guarantees approved by OJSC “GF” amounted to 790 million KGS. A total of 1506 guarantees were issued. The volume of loans approved by partner banks reached 3 billion 119 million KGS.

    From the beginning of the activity to the current date, 3108 guarantees were issued for the amount of 2 billion 465 million KGS. The amount of loans received by entrepreneurs, partially secured by guarantees of OJSC “GF”, amounted to 8 billion 777 million KGS.

    The disbursement of the RKDF loan received by OJSC “GF” in the amount of 100 million KGS continues. For projects of regional entrepreneurs, 16 guarantees were provided in the amount of 43.4 million KGS, which is 43% of the loan amount issued.

    We also remind you that in addition to providing guarantees, employees of OJSC “GF” provide free consultations, assist in drawing up business plans (on a contractual basis). Among the services provided by OJSC “GF” – participation in the management of enterprises, financial management, corporate governance implementation.

    You can get all the information you need on our website www.gf.kg.

    NUMBER OF GUARANTEES REACHED 1504 IN 2020

    NUMBER OF GUARANTEES REACHED 1504 IN 2020

    Regional support

    OJSC “Guarantee Fund” issued 1504 guarantees to entrepreneurs from all regions to obtain loans. This is 558 more guarantees than for the entire 2019. The amount of 1504 guarantees reached 789 million KGS. Loans secured by guarantees amounted to 3 billion 118 million KGS.

    In total, from the beginning of activity to the current date, 3106 guarantees were approved for the amount of 2 billion 465 million KGS. The volume of loans reached 8 billion 775 million KGS.

    Despite the cold, business has not slowed down the pace of development, continues to work hard, to solve its production problems. If necessary, it uses bank loans, including with the use of guarantee support from OJSC “Guarantee Fund”.

    In the second decade of November, for example, the entrepreneurs of the Jalal-Abad region used the received loans to open a new business in the service sector, in the Chui region – for the construction of a poultry farm, in the city of Osh – for the purchase of industrial equipment, in Bishkek – for textile production, in the Issyk-Kul region – in the field of tourism for the purchase of fixed assets for the organization of rental of goods for sports and leisure, etc.

    Countries of Asia created the world’s largest trade union

    World News

    In Hanoi, an agreement was signed to create the world’s largest free trade bloc. Regional Comprehensive Economic Partnership (RCEP) includes 15 countries of the Asia-Pacific region. The union was formed as an alternative to the Trans-Pacific Partnership (TPP), associated with US President Donald Trump, writes Reuters.

    The membership included 10 members of the Association of Southeast Asian Nations (ASEAN), China, Japan, South Korea, Australia and New Zealand. India withdrew from the talks in November 2019, but ASEAN stressed that “the door remains open for it.”

    “The RCEP will soon be ratified by the signatory countries and will enter into force, which will contribute to economic recovery after the coronavirus pandemic,” said Vietnamese Prime Minister Nguyen Xuan Phuc, who held the ceremony as the chairman of the Association.

    The RCEP is projected to occupy 30 percent of the global economy and cover 30 percent of the world’s population – about 2.2 billion consumers. The partnership will also help strengthen China’s position by placing it in a better position to shape the region’s trade rules.

    At the same time, the creation of the bloc was a historic breakthrough: China and Japan reached a bilateral agreement on tariff cuts for the first time.

    Comparative analysis of the inflation rate in the consumer sector of the economies of the EAEU1 member countries in October 2020

    In October 2020, compared to the previous month, an increase in consumer prices and tariffs was recorded in the EAEU member countries.

    Inflation rate in the consumer sector of the EAEU member countries

    (as a percentage, increase +; decrease-)

    October to September October to December of the previous year Average monthly increase (decrease) rates

    in January-October

    2019 2020 2019 2020 2019 2020
    Armenia 0,6 0,5 -1,6 -1,0 -0,1 0,1
    Belarus 0,5 0,6 3,9 5,4 0,4 0,5
    Kazakhstan 0,6 0,6 3,9 5,5 0,4 0,5
    Kyrgyzstan 0,5 2,3 1,2 5,3 0,1 0,5
    Russia 0,1 0,4 2,4 3,3 0,1 0,3

    1 According to statistical services

    In October 2020, compared to December 2019, the maximum inflation rate (5.5 percent) in the consumer sector of the economy was recorded in the Republic of Kazakhstan, while in the Republic of Armenia deflation (decrease in consumer prices and tariffs) by 1.0 percent was recorded.

    At the same time, in the Kyrgyz Republic in October 2020 compared to December 2019, prices and tariffs for food products increased the most (by 8.9 percent) (including alcoholic beverages and tobacco products), and in the Republic of Belarus the maximum increase was recorded in prices for non-food products – 7.3 percent and services – by 6.0 percent. At the same time, the maximum decrease in retail prices for food products was observed in the Republic of Armenia (by 3.4 percent).

    Inflation rate in the consumer sector by groups of goods and services in the EAEU1 member countries in October 2020

     (as a percentage, increase +; decrease-)

    All goods and services including
    food products2 non-food products services
    To the previous month
    Armenia 0,5 0,8 20,7 0,0
    Belarus 0,6 0,6 0,9 0,3
    Kazakhstan 0,6 0,8 0,6 0,4
    Kyrgyzstan 2,3 3,4 0,6 1,5
    Russia 0,4 0,6 0,7 -0,1
    To December of the previous year
    Armenia -1,0 -3,4 0,4 1,2
    Belarus 5,4 3,5 7,3 6,0
    Kazakhstan 5,5 8,3 4,5 3,0
    Kyrgyzstan 5,3 8,9 0,5 1,7
    Russia 3,3 3,7 3,8 2,2

    1 According to statistical services.

    2 Including alcoholic beverages and tobacco products.

    LAGARDE: ECONOMY OF THE EUROZONE WILL NOT RETURN TO PRE-CRISIS LEVELS IN 2021

    PANDEMIC COVID-19

    President of the European Central Bank informed that the news of the emergence of a vaccine against coronavirus will not affect the bank’s plans to stimulate the economy.

    NEW YORK, November 17. / TASS /.  President of the European Central Bank (ECB) Christine Lagarde believes that the eurozone economy is unlikely to recover to pre-crisis levels in 2021. She expressed this opinion on Tuesday at the international forum “New Economy” organized by the Bloomberg agency, held in an online format.

    “I think that the first half of 2021 will certainly be difficult, and by the end of the year we will not reach the level that was before the pandemic,” Lagarde said, adding that the key task now is to prevent the economic crisis from escalating into a financial one. … “We need to avoid this as it can be an aggravating factor,” she said.

    BUSINESS PROJECTS ARE IMPLEMENTED THANKS TO GUARANTEES IN DIFFERENT INDUSTRIES AND SPHERES

    BUSINESS PROJECTS ARE IMPLEMENTED THANKS TO GUARANTEES IN DIFFERENT INDUSTRIES AND SPHERES

    Support for entrepreneurship

    Timely support for regional entrepreneurs of Kyrgyzstan from the OJSC “Guarantee Fund” helps them to implement business projects in various industries and spheres.

    In 2020, as of November 12, the Guarantee Fund provided entrepreneurs with 1,472 guarantees in the amount of 765.5 million KGS. The amount of loans secured by guarantees, approved by partner banks, amounted to 3.03 billion KGS as of the current date.

    In total, since the beginning of its activity, the Guarantee Fund has issued 3,074 guarantees in the amount of 2.44 billion KGS. The volume of bank loans secured guarantees amounted to 8.69 billion KGS.

    Only in November, for example, OJSC “GF” supported projects of entrepreneurs aimed at breeding sheep, cattle and horses in the Jalal-Abad, Naryn, Osh and Chui regions, the production of food products, confectionery, the purchase of raw materials for a bakery, chickens in Jalal-Abad, Osh, Talas regions, replenishment of working capital and refinancing of loans in Jalal-Abad, Osh, Chui and Issyk-Kul regions.

    The guarantees were also provided in the sphere of trade in building materials, auto parts, household goods, soap and detergents, textiles, consumer goods, the purchase of commercial real estate in the Jalal-Abad, Chui and Issyk-Kul regions.

    The guarantee recipients from Osh, Naryn, Chui regions and Bishkek purchased a truck, a concrete pump, a stationary milking installation with credit funds, and carried out special construction work.