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  • The mayor of Tokmok Zhyrgalbek Shamyraliev supports cooperation with OJSC “GF”

    The mayor of Tokmok Zhyrgalbek Shamyraliev supports cooperation with OJSC “GF”

    In Tokmok city on September 21, two-day seminar started within the joint project of “Guarantee Fund” and ADB project “Women’s entrepreneurship

     development” which is conducted by specialists of OJSC “Guarantee Fund” Adilet Mamatov and Saltanat Zhaiylova. Attendees of the seminar are women entrepreneurs from Tokmok and surrounding villages. The themes of the seminar were traditional: basic knowledge on financial literacy, income and expenses, their structure, features of business running and administration, business planning, marketing, concept of agreements including loan and collateral, structure of monetary obligation, including principal amount of debt, interests and penalties, deadlines for fulfilment of obligations and responsibility for non-compliance.

    On first day of the seminar Adilet Mamatov discussed with attendees of the seminar information on managing personal finance for start-up capital accumulation and capital investment instruments, features of state registration of business and taxes. Then they passed comprehensive theoretical and practical study of entrepreneurship activity.

    Guests of the seminar were the mayor of Tokmok Zhyrgalbek Shamyraliev, ADB “Women’s entrepreneurship development” project manager Nurlan Atahanov and the Chairman of the Board of OJSC “Guarantee Fund” Malik Abakirov.

    Zhyrgalbek Shamyraliev welcomed attendees of the seminar that today are involved in private business. At the same time, he expressed gratitude to the chairman of the Board of OJSC “Guarantee Fund” Malik Abakirov, who according to his words, applied much effort for creation and promotion of such an important structure on SME support. “Tokmok once was an industrial developed city. Then later it lost its leadership. Now the local authorities are aimed at developing industry and business, creating new conditions.  That’s why I am glad to see here women who are striving to change their life and their families for better,” –  said Zhyrgalbek Zhumadilovich.

    He took postwar Europe as an example, particularly the Benelux countries (Belgium, Netherlands, Luxembourg), when it was women who developed light industry and then economy of their countries.

    Nurlan Atahanov told about the project “Women’s entrepreneurship development” aimed at increasing financial literacy of women, assisting at creation of own business and expansion of existing business and finally poverty eradication and improving life standards. Statistic data show the low activity of our women in economic sphere, business and entrepreneurship. Especially it concerns rural areas. Our project is aimed at providing necessary financial knowledge, so they could apply it in practice and start own business.

    The chairman of the Board of OJSC “GF” Malik Abakirov started his speech by congratulating women with the passed Entrepreneur’s Day. Then he expressed his gratitude to Zhyrgalbek Shamyraliev and Nurlan Atahanov for assisting in organizing the seminar. Two years ago the research was conducted, – said Malik Abakirov, – It showed the level of financial literacy of population. In Kyrgyzstan the level is 24%. In the world it is 70-90%, it concerns many developed countries.

    That’s why our objective is to attract capable people to business and for this we should create conditions for obtaining financial knowledge.  Besides, OJSC “GF” is ready to support attendees at all development stages.

    “According to forecast of specialists of Guarantee Fund, as minimum, 20% of the total number of the training seminar attendees must take real steps to start own business, expand current production and open new direction of production,”- said Malik Abakirov.

    Malik Abakirov reported that he had conversation with the mayor of Tokmok Zhyrgalbek Shamyraliev about cooperation on OROE project – “One region – one enterprise” which be realized by OJSC “GF” and found complete understanding by his side. The mayor said that the working commission would be created for selection criteria for projects and enterprises. The sides agreed to prepare and sign appropriate agreement on cooperation on OROE project.

    Bishkek-Tokmok-Bishkek, September 21, 2017.

    Cooperation between OJSC “GF” and CJSC “Bank of Asia”

    Cooperation between OJSC “GF” and CJSC “Bank of Asia”


    On September 5 the Chairman of OJSC “Guarantee Fund” (OJSC “GF”) Malik Abakirov awarded Deputy Chairman of CJSC “Bank of Asia” Edil Ismailov with Certificate of Appreciation for the contribution to the guarantee system development of Kyrgyzstan.

    “Bank of Asia” today is the leader by the volume of issued loans under guarantees of Guarantee Fund”, noted Malik Abakirov. On the basis of 8 months of 2017 the Bank issued most loans to SMEs among all other banks of Kyrgyzstan that are secured by guarantees of OJSC “GF”. As of August 31, 2017 31 guarantees have been issued in the total amount of KGS 46 333 878.

    “We have been cooperating since October, 2016 and for the past time our cooperation has only strengthened. At the beginning of our cooperation directors were Taalai Dzhumataev and Nurlan Aldayarov and we are very thankful for their professional work. You manage the Bank’s credit activity including issuing loans to SMEs under guarantees of “GF”. We think it is a great achievement that “Bank of Asia” preserves its leading position by volume of loans under our guarantees”, – said the chairman of the Board of OJSC “GF” to Edil Ismailov.

    Then he awarded Edil Ismailov with Certificate of Appreciation accompanied by a photo session of this solemn occasion.

    Malik Abakirov added: “We are in close cooperation with leading commercial banks for providing guarantees for SMEs. Currently, we have partnership relations with 7 banks. Also negotiations on cooperation with other loan institutions are under way.

    “SMEs obtain loans in banks, we, in turn, support them in case of insufficient collateral, – continued Malik Abakirov, – that’s why it’s relevant for us to cooperate with banks by building devoting partnership relations”.

    He told that support for SMEs was not limited only by providing guarantees. It also includes financial literacy increase, support for women’s entrepreneurship, designing business plan, production and export-oriented products logistics.

    “The project “One region – one enterprise” (OROE) has also been implemented. Within it OJSC “GF” assisted in creating 3 new enterprises and directions. Among them are LLC “Kyrgyzkorm” (pig breeding), LLC “Aqua-master” (pasta production), LLC “Innovation and development” (construction of guest house for tourists in Karakol city). The name of project says itself that innovative experience will be continued in all regions of Kyrgyzstan,” – noted Malik Abakirov.

    In conclusion Malik Abakirov invited the Bank to take a part in OROE project that has a large socio-economic meaning for our country.

    Deputy chairman of the Board of CJSC “Bank of Asia” Edil Ismailov, in turn, expressed his gratitude for appreciation of his work. “It is not only my personal achievement but a result of targeted activity of “Bank of Asia” on issuing loans to SMEs”, – he said

    “Today “Bank of Asia” successfully works on the loan market. It develops and implements diverse programs and products for SMEs. We also realize our own projects on financial literacy increase and support for SMEs. We meet the needs of our clients, promote banking services in regions by increasing number of loan officers there. We are glad for our cooperation as it is beneficial not only for the Fund and the Bank but for SMEs and economy as well as it provides employment of population and increases taxes and payments into budget, “– added Edil Ismailov.

    For reference:

    Edil Zholdoshbekovich Ismailov – economist, a graduate of Agrarian academy in 1996. In 2008 obtained a master degree in Management at Academy of Management under President of the Kyrgyz Republic. He is a professional in the field of loans with great experience.

    In 2011 he worked as deputy chairman of the Board of OJSC “Zalkar Bank”. In 2012-2015 he was a counsellor of the Chairman of the Board of CJSC “Bank of Asia”.

    Since December 2015 to the moment he has been a deputy chairman of the Board of CJSC “Bank of Asia”. He manages the bank’s credit activity.

    For information!

    Partner banks of OJSC “GF” are OJSC “Aiyl Bank”, OJSC “RSK Bank”, OJSC CB “Kyrgyzstan”, CJSC “Bank of Asia”, CJSC “Finca Bank”, CJSC “Bank Kompanion” and CJSC “Demir Bank”. These banks have 180 branches in total; it is 56% of the branch network of all commercial banks in Kyrgyzstan. As of September 1 more than 50% of the branches of partner banks have participated in loan issue partially secured by guarantees of OJSC “GF”.