GUARANTEES CONTRIBUTE TO ECONOMIC DEVELOPMENT
- Posted by: Admin
- Category: Digest
Guarantees of OJSC “GF” promote development of small and medium-sized enterprises and implementation of business projects and in general contribute to development of the economy in the country. This is evidenced by the performance indicators for the past period.
So, since the beginning of practical activities and as at 18.12.18 (a good combination of numbers!) OJSC “GF” approved 649 guarantees for the amount of KGS 730.2 million. The amount of loans approved by partner banks under the guarantees of OJSC “GF” amounted to KGS 2.648 billion (as at June 26, the amount was 1.684 billion – another interesting combination of numbers and what a breakthrough of almost a billion!).
In the current year, OJSC “GF” continues to demonstrate good rates of guarantee support for entrepreneurs. In total, 412 guarantees were approved in the amount of KGS 482.1 million. The volume of bank loans under guarantees amounted to KGS 1.675 billion (almost as much as was issued since the start of activity as of June 26!).
Today, support of such a financial instrument as guarantees is required not only by micro and small and medium-sized enterprises (SMEs), but even large ones coming through the RKDF credit line. Understanding the importance of this effective tool for supporting SMEs, the President and the Government of the Republic provide institutional and financial support to OJSC “GF”.
After all, thanks to guarantees, entrepreneurs develop and expand production, create a gross product, contribute to solving social and economic problems in all regions of Kyrgyzstan, including employment and reducing migration.
It should be noted that among the recipients of guarantees, almost one third are women entrepreneurs.
In addition to issuing guarantees, the Fund regularly holds seminars in the regions to train entrepreneurs in financial literacy and seminars for employees of partner banks on the mechanisms of cooperation in issuing loans under guarantees.
Also worth noting the development of a number of strategic programs by OJSC “GF”, including the program on creation of the domestic automobile industry (buses), the restoration of agricultural engineering (tractors) and “One region- one enterprise” program (which aims to promote the creation of new enterprises and/or new directions in already existing enterprises in all regions of the republic).
Also, OJSC “GF” intends to participate jointly with the World Bank in the implementation of a project on increasing the productivity of the dairy sector in the Issyk-Kul region.