More options for guarantee support
On November 27, 2020, following the results of the extraordinary general meeting of shareholders, it was decided to increase the authorized capital of the Guarantee Fund by the amount of 2 billion KGS by issuing an additional issue of shares. The buyer of the shares is the National Bank of the Kyrgyz Republic.
Thus, the authorized capital of OJSC “GF” will amount to 4.132 billion KGS. The share of the National Bank of the Kyrgyz Republic in the shares of the OJSC “GF” increased to 85.92, the State Property Management Fund under the Government of the Kyrgyz Republic owns 14.08% of the shares.
The increase in the authorized capital is the recognition of the success and efficiency of the activities of the OJSC “Guarantee Fund” by the shareholders. Now the Fund’s capabilities for guarantee support for SMEs in the regions of Kyrgyzstan are significantly expanding.
On November 27, 2020, as part of the implementation of the program “Increasing access for SMEs to financing in order to mitigate the consequences of coronavirus infection COVID-19”, the Guarantee Fund held the third deposit auction.
The auction was attended by nine partner banks that entered into an agreement with OJSC “Guarantee Fund” within the framework of the above program.
According to the results of the deposit auction, the volume of placement amounted to 531,500,000 (Five hundred thirty one million five hundred thousand) soms (KGS), the average rate to the ultimate beneficiaries was 9.68% per annum.
OJSC “Guarantee Fund” continues to successfully support SMEs of the republic. At the same time, special attention is paid to entrepreneurs representing the regions of the republic and whose activities play an important role in the socio-economic development of the regions.
Guarantees were provided in all regions of Kyrgyzstan. In 2020, as of October 31, 1066 guarantees were provided to entrepreneurs in the Issyk-Kul region (taking into account guarantees within the framework of the World Bank project), in the Batken region 18 entrepreneurs received guarantee support, in the Jalal-Abad region – 63, in the Naryn region – 104, in the Osh region – 55, in the Talas region – 43, in the Chui region – 42, in Osh – 13, in Bishkek – 39.
Most of the guarantees were provided to entrepreneurs engaged in the agricultural sector – 72% of guarantees, trade – 11%, in the manufacturing – 5%, the rest in processing, transport services and other industries.
The partner banks with the highest indicators today are Aiyl Bank – 657 loans guaranteed by the GF, RSK Bank – 267, CB Kyrgyzstan – 168, Bank of Asia – 122, Halyk Bank – 134 and so on. In total, 15 banks are involved in providing loans under guarantees, including RKDF.
Also, as of October 31, 2020, thanks to the support of the Fund, about 3,000 jobs were created, about 14 thousand existing ones were supported.
In total, since the beginning of its activities and as of November 30, 2020, OJSC “GF” has provided 3,127 guarantees amounting to almost 2.5 billion KGS, and the amount of loans received by entrepreneurs under guarantees amounted to almost 8.9 billion KGS.
In 2020, one of the employees of the Guarantee Fund (who did not want to be public out of modesty) entered the most prestigious US university – Harvard University. The young man is very purposeful and ambitious in a good sense of the word. Prior to that, he graduated from the Faculty of Economics in English of the Kyrgyz University with foreign participation. He dreams to work in marketing. He is fond of reading books on marketing, PR and advertising, self-development. Among his favorite authors are David Ogilvy, Joseph Sugerman, Simon Sinek and others.
Another young colleague of ours this year entered the master program of the University of Padua in Italy, studying at the Faculty of Political Science. Program is conducted in English. Prior to that, she completed an internship in project management in Brussels. The projects were related to human rights, as well as the development of media, marketing and public relations. She believes that international experience is very important for the country’s development. She enjoys learning new cultures, new languages. She thinks cultural exchange between countries, exchange of experience and knowledge are especially important. She dreams of traveling the whole world. In addition to political science, marketing, she is also interested in classical literature.
These are our talented, purposeful young specialists. In general, there are a lot of those in the team, including management, who are fluent in English, Japanese, Turkish. Many employees regularly undergo professional retraining at courses and seminars, there are holders of CAP certificates.
It is common knowledge that the success of any organization depends on the correct personnel policy. Nobody canceled the selection and placement of personnel. But now they are filled with a professional meaning.
At the OJSC “Guarantee Fund” a high standard was initially set for candidates for a job – specialized education, professional experience, increased responsibility, the ability to work in a team. Ability to generate ideas, be stress-resistant and sociable is always welcome.
By the way, Harvard was founded in 1636 (!), dozens of Nobel laureates, several presidents, including Franklin Roosevelt, graduated from it.
And the University of Padua is considered the oldest in the world after the University of Bologna. Galileo Galilei himself once taught here, such outstanding people as the astronomer Nikolai Copernicus and the Belarusian first printer Francysk Skaryna studied here.
We hope that the knowledge of our staff, gained abroad, will serve the development of the guarantee system in Kyrgyzstan!
To the World Day of Women’s Entrepreneurship
On November 19, 2020, in the meeting room of the Plenipotentiary Representation of the Government of the Kyrgyz Republic in the Batken region, in honor of the World Day of Women’s Entrepreneurship, a conference was held on the topic “Time for mutual support.” The conference was attended by local women – leaders, entrepreneurs, leaders of public organizations, more than 70 participants in total.
They discussed issues of mutual support and interaction in this difficult period, aggravated by the pandemic, the need for unification.
For the attention of the women gathered, various and useful information from banks and public organizations was presented. In particular, the employees of RSK Bank and Aiyl Bank spoke about banking products, including preferential ones, non-governmental organizations informed about training programs and other support.
Regional representative of OJSC “Guarantee Fund” Nurlan Abdamitov spoke about the activities on guarantee and consulting support for entrepreneurs, development programs designed to support entrepreneurship.
At the end of the conference, an award ceremony for women was held on behalf of the regional state administration.