Speaking at the meeting of the Jogorku Kenesh, Sooronbai Jeenbekov highlighted the need to promptly solve a number of tasks to support entrepreneurship, one of which is to weaken the requirements for financing entrepreneurs’ projects in today’s crisis.
Sooronbai Jeenbekov said that as part of the implementation of the tasks set, the capitalization of the Guarantee Fund, resources for commercial banks from the National Bank, as well as financing from the Kyrgyz-Russian Fund for regional entrepreneurs’ projects will be increased.
On May 15, 2020, following the results of the extraordinary general meeting of shareholders, it was decided to increase the authorized capital of the Guarantee Fund by another 1 billion KGS.
Thus, the authorized capital of the “Guarantee Fund” as of today amounted to 2.132 billion KGS. The shareholders of the joint stock company are the National Bank of the Kyrgyz Republic and the State Property Management Fund with shares of 72.7% and 27.3%, respectively.
The increase in the authorized capital of the open joint stock company was another confirmation of the timeliness of the decision-making at the government level to create a joint stock company, which in a relatively short period of time has demonstrated the effectiveness of its activities by all indicators.
An additional 1 billion KGS will prove to be an impressive support for SMEs in the regions and the country as a whole in today’s difficult environment. It will increase the number of issued guarantees, the volume of loans issued by partner banks, contribute to the creation of new jobs and support the existing ones.
It should be noted that the “Guarantee Fund” has approved about 2,400 guarantees worth more than 2 billion KGS for issuance of loans by partner banks in the amount of more than 7.2 billion KGS.