Exchange Rates:
USD 84,65
EUR 102,7
KZT 0,198
RUB 1,143
(0312) 66-49-60, (0312) 62-53-79
  • Кыргызча
  • Русский
  • English


    Dear friends and colleagues! We kindly remind you that if you wish to have the book “Access to Finance for SME: Guarantee Fund” (by Malik Abakirov and Syrgak Abakirov), then you can purchase it at “Raritet” bookstores (Razzakov Street) and “Nuska” (Erkindik Avenue).

    This relevant and useful book is for anyone interested in development and promotion of small and medium enterprises in Kyrgyzstan.

    We bring to your attention the opinions of the representatives of the government agencies about the guarantee system.

    Almaz Baketaev, First Vice-Mayor of Bishkek, former Deputy Minister of Finance of the Kyrgyz Republic:

    “The process of development of small business and private entrepreneurship, an increase of their share in GDP, ensuring the output of their products to foreign markets require special attention from the state. Guarantee funds have a significant impact on the entrepreneurship development in the world. They have been successfully operating in many countries for a long time, providing loans to small enterprises. This practice thus not only provides support to existing small enterprises, but also encourages the establishment of new enterprises.

    The guarantee fund system is a serious catalyst for the development of small and medium enterprises, and the use of the guarantee fund system in the programs of the Government of the Kyrgyz Republic to subsidize interest rates on loans to agriculture and processing, as well as to subsidize interest rates on loans to export-oriented and import-substituting enterprises, to finance HACCP implementation will improve the efficiency of the use of budget funds and dynamic development of SMEs. “

    Daniyar Imanaliev, Head of the Department of the Apparatus of the President of the Kyrgyz Republic, former Deputy Minister of Economy of the Kyrgyz Republic:

    “Governments around the world consistently take measures aimed at creating the most favorable conditions for doing business in their countries. Various reforms are being carried out, new mechanisms of support and development of domestic entrepreneurship are being introduced. The Government of the Kyrgyz Republic is also constantly taking measures to create the most competitive and attractive business conditions in the republic.

    An important role in the development and promotion of entrepreneurship is played by financial instruments that ensure access to financial resources. In this regard, the Government of the Kyrgyz Republic, focusing on this area, relying on the high need of SMEs for guarantees, established the Open Joint-Stock Company “Guarantee Fund” in 2016.

    The established “Guarantee Fund” and the further development of the guarantee system in the Kyrgyz Republic contribute to the development and strengthening of entrepreneurship in the country.

    The OJSC “Guarantee Fund” is one of the organizations that form the support infrastructure for SMEs, actively assisting in the implementation of measures aimed at their development and promotion, implemented on the basis of program-targeted principles.”



    Guarantees for SME.

    Today OJSC “GF” performs an important socio-economic task, providing real support to small and medium enterprises (SMEs) in Kyrgyzstan, assisting them in implementing business plans, increasing employment, payments and taxes to the budget, and developing infrastructure.

    All work is carried out in accordance with the approved Development Strategy of OJSC “GF” for 2019-2023. In 2019, activities of GF take place under the Year of Regional Development and Digitalization of the Country, declared by the President of the Kyrgyz Republic S. Jeenbekov.

    From November 2016 and as of May 7, 2019, OJSC “Guarantee Fund” approved 810 guarantees in the amount of KGS 997.8 million. The guaranteed loan amount approved by partner banks reached KGS 3.463 billion.

    From the beginning of 2019, 154 guarantees were approved in the amount of KGS 242.7 million. The guaranteed loans amounted to KGS 711 million.

    OJSC “Guarantee Fund” demonstrates confident and progressive development. With each month, the number of recipients of financial guarantees is growing, an average of 20-30 requests from entrepreneurs arrive in a month. Including guarantees are provided to support women’s entrepreneurship, enterprises of export and import directions.

    As it is known, OJSC “GF” issues guarantee in cooperation with 11 commercial partner banks. Together, these banks have over 230 branches in all regions of Kyrgyzstan.

    Expanding the access of entrepreneurs to guarantees leads to an increase in production as a whole and to the further development of SMEs, which are the mainstay of the economy.


    Year of regional development and digitalization of the country.

    As it is known, within the framework of the Concept of the Regional Policy of the Kyrgyz Republic for the period 2018-2022, 20 pilot cities were selected as growth points, which should become economic centers – growth points for increasing business activity of the population, developing regions, creating conditions for providing quality public services.

    OJSC “Guarantee Fund” provides assistance to entrepreneurs of the cities – growth points in access to loans from commercial banks and helps them to implement business projects.

    According to the data for the 4 months of 2018, entrepreneurs of the cities – growth points have been issued 60 guarantees for a total amount of KGS 143 million. They received guaranteed loans in banks in the amount of KGS 371.1 million.

    33 guarantees were issued to entrepreneurs of Bishkek; Osh – 1; Jalal-Abad, Tokmok, Kara-Su and Isfana – 2 each; Karakol – 6; Kara-Balta – 4, Batken – 3. Also the guarantee support of OJSC “GF” was received by entrepreneurs of Balykchy, Kochkor, Naryn, Kerben and Tash-Komur.

    At the same time, we note that some of the 20 cities are included in the list of preferential locations according to the Resolution of the Government of the Kyrgyz Republic of April 26, 2019 “On preferential locations”.

    This document is aimed at stimulating economic and investment activities in the regions, subsidized settlements of the republic and border settlements, by providing exemptions from paying for four types of taxes: sales tax, income tax, land tax and real estate tax, when establishing industrial, export-oriented and innovative enterprises, with a period of 5 years and with the possibility of extension to 10 years.

    In addition to aiyl aimaks (small villages) that receive equalization grants (transfers) from the republican budget in order to maintain a stable socio-economic situation, the list includes Karakol, Balykchy, Naryn, Kochkor, Tokmok, Kara-Balta, Talas, Isfana, Batken, Kadamzhai, Uzgen, Kara -Suu, Tash-Kumyr, Kara-Kul, Jalal-Abad, Kerben, Kochkor-Ata, Kyzyl-Kiya, Sulukta, Mailuu-Suu, Nookat, Aidarken, Kok-Zhangak, Toktogul, Cholpon-Ata, Shopokov, Kant, Orlovka, Kemin, Kaindy.



    Activity of OJSC “GF” has a great social and economic effect. The Fund not only assists entrepreneurs in accessing financial resources, strengthening their potential, but also contributes to the employment, creation of new jobs and maintenance of existing ones. Employment of local residents in turn has effect on migration reduction and poverty reduction.

    The Fund’s guarantees are a significant contribution to the implementation of government programs for the regional development. Performance indicators show consistent growth. Thus, over the past four months of 2019, the Open Joint Stock Company “GF” approved 144 guarantees in the amount of KGS 225.2 million. The loans approved by the partner banks of the Fund amounted to KGS 655.9 million.

    During this period, 283 new jobs were created and 1134 existing ones were maintained.

    61 guarantees were issued to support agricultural projects, 8 guarantees for processing of agricultural products, 20 for industry, 12 for tourism and transport, 4 for services and 4 for trade, and 23 for trade.

    If we talk about the regions, then, for example, in Naryn region 27 guarantees were issued, Chui – 23, Issyk-Kul – 19, Jalal-Abad – 18, Batken – 11, etc. Guarantees were issued in all regions.

    Most guarantees were issued to clients of Aiyl Bank – 60, RSK Bank – 21, CB “Kyrgyzstan” – 19, KICB – 13, “Bank of Asia” – 8, etc. All partner banks participated in issuing guarantees.