The Fund as of December 31, 2016 provided 3 guarantees for entrepreneurs involved in tourism and light manufacturing products. It is a good start for Guarantee Fund, which started its activity on November 2016. For this short period of time the Fund developed business processes and business contacts with business communities, also signed Cooperation agreement with 4 commercial banks.
The first guarantee recipient was the entrepreneur involved in services and tourism by arranging the leisure time of local residents and tourists. The second guarantee recipient is engaged in production of light manufacturing products in Osh city and exports them to EurAsEC countries. It should be noted that the business is led by a woman and subsequently the Fund will pay special attention to women’s entrepreneurship. The third guarantee is approved to legal entity from Karakol city, who contributes to tourism development in this region and provides services on organizing business conferences and seminars. In total, guarantees in the amount of KGS 1 890 thousand are provided by OJSC “Guarantee Fund”.
After finishing all required volume of preparatory work, in 2017 the Fund will continue its work on SME support by providing guarantees as well as study and develop new mechanisms and instruments for SME growth.
We also would like to congratulate all citizens of the Kyrgyz Republic with coming 2017 and wish peace, health, happiness and prosperity!
OJSC “Guarantee Fund” on December 29, 2016 approved 2 guarantees for entrepreneurs involved in clothing manufacture and tourism in Osh region and Issyk-Kul region. Provided guarantees will 1) contribute to increase of production and clothing export by obtaining equipment for production; 2) contribute to attraction of tourists to Kyrgyzstan (Issyk-Kul region) by building guest houses.
On December 27, 2016 Cooperation agreement was concluded between OJSC “Guarantee Fund” and OJSC “Aiyl Bank”. Chairman of the Board of OJSC “Guarantee Fund” emphasized successful work of OJSC “Aiyl Bank”, which is a leader of the banking system of the Kyrgyz Republic in the field of loans for agriculture and leasing as well as active participant of the project of the Kyrgyz Republic “Financing agriculture”.
OJSC “Guarantee Fund” and OJSC “Aiyl Bank” agreed to focus attention on support for:
- processing of agricultural products;
- export- and import-oriented enterprises
- women’s entrepreneurship
Cooperation between OJSC “Guarantee Fund” and OJSC “Aiyl Bank” will open new loan market development prospects in the country; will strengthen SMEs positions and will contribute to the growth of economic indicators of the Kyrgyz Republic.
OJSC “Guarantee Fund”, represented by Deputy Chairman of the Board A. Kozhobaev, visited Jalal-Abad and Osh regions. During the business trip a number of meetings were held with business-community, managers of Regional Guarantee Funds, branch managers of partner banks of the Fund. The first guarantee recipient, who leads business in Jalal-Abad region, was awarded with certificate of OJSC “Guarantee Fund”.
Business community optimistically accepted the news about opening of OJSC “Guarantee Fund”, noted necessity and request for guarantees and expressed their hope for extension of number of partner banks of the Fund, focusing attention on cooperation with OJSC “Aiyl Bank” as the leader of loan market in agriculture and livestock raising. All requests of entrepreneurs were considered and the Fund carries
Out its active work on practical implementation.
OJSC “Guarantee Fund” will systematically hold business trips to all regions of the country in order to inform entrepreneurs about services of the Fund and for information collection from entrepreneurs about their problems and request for SME infrastructure improvement. These meetings will allow to build maximally effective work on SME support in the Kyrgyz Republic.
On December 19, 2016 Cooperation agreement was signed between OJSC “Guarantee Fund” and CJSC “Finca Bank”. Chairman of the Board of OJSC “Guarantee Fund” M. Abakirov noted successful work of CJSC “Finca Bank” on the market, its high standards and extensive branch network; also he expressed his hope for the mutually beneficial cooperation. Chairman of CJSC “Finca Bank” M. Cherikbaeva in her turn highly estimated prospects of the bilateral cooperation, the importance of SME development as the basis for successful functioning of economy of the country and the timely creation of OJSC “Guarantee Fund” as the institute for SME integrated support.
OJSC “Guarantee Fund” has created the Advisory Board on SME support and development.
The Advisory Board on SME support and development (hereinafter – the Board) is a standing consulting and advisory body founded for suggestions and recommendations for SME support and development and promotion of export-oriented products and enterprises in the priority sectors of economy including women entrepreneurs.
The aim of the Board is targeted and system support for SME, including women’s entrepreneurship, and export- and import-oriented enterprises at all stages of their development.
The Board consists of Deputy Minister of Economic Affairs of the Kyrgyz Republic D. Imanaliev, Deputy Chairman of the State Service for Financial Market Regulation and Supervision under the Government of the Kyrgyz Republic M. Pirnazarov, representative of the Apparatus of the Government of the Kyrgyz Republic and State Agency on investment and export promotion of the Kyrgyz Republic, Vice-President of the Chamber of Commerce and Industry of the Kyrgyz Republic and representatives of business-associations.
It should be noted, that within the activity of the Board, OJSC “Guarantee Fund” is meant to choose potential export-oriented enterprises and provide consulting assistance in their promotion.