What issues did the participants discuss at the International Conference in honor of the 5th anniversary of OJSC “Guarantee Fund”?
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- Category: Digest
On September 15, in honor of its 5th anniversary, the Guarantee Fund held an international conference entitled “The role and place of OJSC Guarantee Fund in the development of the economy of the Kyrgyz Republic”.
The conference was attended by representatives of the Presidential Administration of the Kyrgyz Republic, the NBKR, the Cabinet of Ministers of the Kyrgyz Republic, international financial institutions, partner banks of OJSC “Guarantee Fund”, foreign colleagues and domestic entrepreneurs, representatives of the EBRD, UNDP, ADB consultants, bank managers, entrepreneurs and university rectors.
- Tolkunbek Abdygulov, Chairman of the NBKR Management Board;
- Akylbek Zhaparov, Deputy Chairman of the Cabinet of Ministers-Minister of Economy and Finance of the Kyrgyz Republic;
- Askat Bekov, Head of the Department of Policy of Strategic Development and Planning of the Presidential Administration of the Kyrgyz Republic;
- Navid Hassan Naqvi, Head of the World Bank Representative Office in the Kyrgyz Republic;
- Mirlan Bakirov, Chairman of the State Property Management Fund under the Ministry of Investment of the Kyrgyz Republic;
- Aibek Kadyraliev, Chairman of the Board of Directors of OJSC “Guarantee Fund”;
- Manizha Mamadnabieva, Head of the Representative Office of the International Finance Corporation (IFC);
- Artem Novikov, Chairman of the RKFR Management Board;
- Bermet Musakozhoeva, Director of the Credit Line Management Department of the Ministry of Finance of the Kyrgyz Republic;
- Abdraev Anvar Karikeevich, President of the Union of Banks of Kyrgyzstan;
- Omorkulov Azizbek Pazylbaevich, Chairman of the Management Board of OJSC “RSK Bank”;
- Ulan Bukabaev Ulan Arymbayevich, Chairman of the Management Board of OJSC “Aiyl Bank”.
A video message was made by:
– Yuji Miyaki, Asian Development Bank;
– Robert Bodo,USAID;
– Nilufar Karimova, Executive Director of the public organization “Zamonat” (Republic of Tajikistan).
Currently, the National Bank of the Kyrgyz Republic is the main shareholder of OJSC “Guarantee Fund” with a share of 86%. At the expense of the NBKR’s funds, the authorized capital was increased to 4,132 billion soms.
Tolkunbek Abdygulov, Chairman of the NBKR Management Board, noted that the National Bank initially, even when it was a small USAID project, supported the development of guarantee funds.
This project first passed pilot testing in the regions, as small separate guarantee funds with the active participation of the current Board of Malik Abakirov.
“Time has shown that the capital allocated by the Government is insufficient. The National Bank, together with the Government, decided to become a shareholder for the development of the financial system. During this time, the Guarantee Fund has turned from a small organization into one of the largest financial institutions in the country in terms of capital. Thousands of our entrepreneurs use the services of the Guarantee Fund, and we do not intend to stop there,” Tolkunbek Abdygulov said.
As the Chairman of the NBKR Board noted, the difficult time of the coronavirus pandemic in 2020 showed that such an institution is needed. The essence of the Guarantee Fund today is to provide guarantees and support the development of the real sector of the economy. Today, OJSC “Guarantee Fund” is an integral part of the financial system of Kyrgyzstan.
In turn, Malik Abakirov added that OJSC “Guarantee Fund” constantly feels the help of the NBKR in terms of institutional development, in terms of capitalization and recommendations for more successful and risk-free assistance to entrepreneurs.
Akylbek Zhaparov, Deputy Chairman of the Cabinet of Ministers — Minister of Economy and Finance of the Kyrgyz Republic, spoke about the impact of the guarantee system on the development of the economy of the Kyrgyz Republic by providing access to financial services for SMEs.
Akylbek Zhaparov began his speech by congratulating OJSC “Guarantee Fund” on its 5th anniversary.
The Minister of Economy and Finance of the Kyrgyz Republic noted that business will always need collateral instruments, and in these matters the main assistant and adviser is the Guarantee Fund.
“The Government and the National Bank of the Kyrgyz Republic will consider the possibility of increasing the authorized capital of OJSC Guarantee Fund to 6 billion soms, provided that the business needs a guarantee,” Akylbek Zhaparov said.
In his speech, Akylbek Zhaparov expressed gratitude to everyone who is engaged in business during the coronavirus pandemic.
According to him, in the near future, the Government is preparing a number of special measures with the help of the World Bank, the Asian Development Bank and a number of other international financial institutions, a program worth $ 100 million to support business is being launched.
«We plan to launch this Program before the New Year, ” Akylbek Zhaparov said.
The Minister of Economy and Finance of the Kyrgyz Republic outlined the tasks facing the Guarantee Fund. Including:
– Increase the volume of guarantees provided to support export-oriented enterprises;
– provide support to small and medium-sized businesses;
– creation of jobs;
– introduction of Islamic guarantee instruments.
Askat Bekov, Head of the Strategic Development and Planning Policy Department of the Presidential Administration of the Kyrgyz Republic, spoke on the topic: “The role of the state in the development of the guarantee system in the Kyrgyz Republic”.
“Currently, one of our primary tasks is to increase the pace of economic growth, which is almost impossible without the proper development of small and medium-sized businesses.
In this regard, I would like to note the activities of the Guarantee Fund and its impact on the country’s economy through real support for small and medium-sized businesses.
Today, the Guarantee Fund is an effective dynamically developing system that provides support for business development by providing access to financial resources. And this is confirmed by the Fund’s indicators for the 5-year period of operation.
Over a 5-year period, 3,500 jobs were created, more than 14,000 existing jobs were supported.
The success of the Fund was achieved thanks to a competent policy and the ability of the Fund’s management to think strategically and the full support of the state.
It should be emphasized that the Kyrgyz model of the guarantee system is currently used in neighboring countries. And this is also a significant indicator of the Guarantee Fund.
You have big tasks ahead of you. It is necessary to stimulate business, create conditions for its dynamic development. We need to pay special attention to import-substituting and export-oriented production, ” Askat Bekov said.
Navid Hasan Naqvi, Head of the World Bank Representative Office in the Kyrgyz Republic, made a presentation on the topic: “On the cooperation of the World Bank with Kyrgyzstan and projects with the participation of OJSC Guarantee Fund.
“From the very beginning of its activity, OJSC Guarantee Fund has been cooperating with international organizations. Such organizations are the World Bank, the Asian Development Bank, a number of USAID projects and many others.
One of the successful projects that the Guarantee Fund successfully implemented over the previous period is the “Integrated development of the dairy industry in the Issyk-Kul region”, which was successfully implemented.
As a result of the implementation, the World Bank increased the amount by another 17 million US dollars. After successful implementation, we handed over this project to the Ministry of Economy and Finance for further implementation.
It is very important to support the private sector through investments, to provide business support through banks. We are also working to maintain liquidity, thus increasing the financial potential of small and medium-sized businesses.
We are going to expand our support to the small and medium-sized business sector at the request of the Government of the Kyrgyz Republic.
I would like to thank the Government and the Guarantee Fund for choosing the World Bank as a partner, ” Navid Hassan Naqvi concluded.