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  • OJSC “Guarantee Fund” supported the launch of a new steel foundry in the Issyk-Ata district

    On July 1, 2020, Chairman of the Board of OJSC “Guarantee Fund” M.-A. Abakirov, Acting Chairman of the Board of OJSC “Aiyl Bank” Zh. Umetaliev and a representative of the Issyk-Ata district took part in the opening of the steel foundry LLC “DOS TJM” in the Issyk-Ata district.

    This enterprise launched the production of agricultural machinery within the framework of the program for the development of SMEs “One region – one enterprise”, thanks to the provided consulting assistance in developing a business plan, as well as the provision of a guarantee by OJSC “Guarantee Fund” when obtaining a loan from OJSC “Aiyl Bank”.

    The activity of the enterprise is aimed at the production of agricultural machinery, in particular, attachments for tractors, knives for milling cutters and many other equipment necessary for the agricultural industry. The production capacity of the enterprise is at least 90 tons per month.

    This production is export-oriented and import-substituting; at present, steel products in the amount of 35 tons are prepared for shipment to the Republic of Kazakhstan and perhaps the customer from Kazakhstan will increase the order up to 1-2 thousand tons in year.

    For the purpose of import substitution of attachments, “DOS TJM” LLC intends to fully cover the import of cutter knives in the amount of 400.0 thousand units annually and other attachments for agricultural machinery.

    To fulfill the specified volume of production, more than 20 new jobs with decent wages have been created, and in the future it is planned to increase the number of employees and the volume of production.

    T. Ibraev noted that it was not the first time he had used the services of OJSC “Guarantee Fund”, and he highly appreciates the support provided by OJSC “GF” in the implementation of his medium and long-term plans.

    The Chairman of the Management Board of OJSC “Guarantee Fund” is confident in the prospects for the successful development of industry in the republic. “Until today, Kyrgyzstan had to cover its needs for agricultural machinery necessary for the development of agriculture through purchases in the markets of neighboring countries. At the moment we can plan the production of the necessary equipment in excess of our needs, which means that we will be able to export our products to the markets of Central Asia and the CIS,” – M.-A. Abakirov is convinced.

    Since the beginning of the implementation of the entrepreneurship program “One Region – One Enterprise”, 50 new SMEs or new directions in the activities of operating enterprises in all regions of the republic have been created. Only within the framework of the OROE program, the OJSC “Guarantee Fund” provided guarantees in the amount of more than 200 million KGS, and loans in the amount of more than 700 million KGS.

    “DOS TJM” LLC is one of many illustrative examples of a dynamically developing enterprise with ambitious, but at the same time quite realistic plans for the future, which was provided with timely support by the Guarantee Fund.

    The total loan portfolio of non-banking institutions in the first quarter amounted to 23.5 billion KGS

    In the first quarter of 2020, 570 non-bank financial and credit organizations operated in the republic, including 285 pawnshops, 162 microcredit organizations, 122 credit unions and one specialized financial and credit organization. This is stated in the materials of the National Statistical Committee.

    In January-March 2020, loans were issued in the amount of 7 billion 577.5 million KGS, which is 10.1% or 692.9 million KGS more than in the first quarter of 2019. Basically, there was an increase in loans for consumer needs, in the field of agriculture, industry and construction.

    The aggregate loan portfolio of non-bank financial and credit institutions increased by 23.9% compared to the first quarter of 2019 and as of April 1, 2020 amounted to 23 billion 518.2 million KGS. The main share of credit funds accounted for consumer lending (28.7% of the total loan portfolio), agriculture (27.6%), trade (12.9%) and construction (10%).

    The share of long-term loans in the total loan portfolio amounted to 65.7% (15 billion 452.2 million KGS), short-term loans – 34.3% (8 billion 66 million KGS). Almost the entire volume of loans was issued in national currency – 23 billion 36.6 million KGS, or 98% of the total volume.