The chairman of the Management Board of the Guarantee Fund M.-A. Abakirov: “Our Fund has developed its own program to support entrepreneurs in the amount of 1 billion KGS, and has started its implementation in a pilot mode”

Today, on September 7, the Chairman of the Management Board of the Guarantee Fund M.-A. Abakirov gave a press conference on the start of the program implementation developed by the Fund in accordance with the Anti-Crisis Plan of the Government of the Kyrgyz Republic to reduce the negative impact on economic and social stability due to the spread of the coronavirus COVID-19, according to which support will be provided to entrepreneurs in the amount of 14 billion KGS at the initial stage, and subsequently this amount will be increased to 40 billion KGS.

During the press conference, M.-A. Abakirov spoke about the goals of the program, directions of financing, about the conditions for placing funds on special accounts of partner banks, and also shared the expected results of the program.

“Within the framework of this program, the Guarantee Fund provides for support of about 1000 entrepreneurs of the country in the amount of 1 billion KGS, and the loan amount issued under our guarantees, according to our forecasts, will exceed 2 billion KGS,” M.-A. Abakirov informed.

“To date, within the framework of this program, we have already provided more than 10 guarantees for a total amount of over 15 million KGS, the amount of loans exceeded 35 million KGS” – M.-A. Abakirov presented to the attention of the media representatives the information on the progress of the program implementation in a pilot mode.

The terms and conditions provided in the program are currently very acceptable.

“The loan amount within the framework of the program is provided for up to 10 million KGS, the term for granting is up to 60 months, and the interest rate should not exceed 10%,” the chairman of the Guarantee Fund said.

Also at the press conference, information was announced on the activities of the Guarantee Fund following the results of eight months of 2020 and a comparative analysis of indicators for the same period of 2019 was presented.

So, for eight months of 2020, the Guarantee Fund provided 1,083 guarantees, which exceeded the number of guarantees provided for the eight months of 2019 by 370%. The total amount of issued guarantees amounted to more than 466 million KGS, and the total amount of loans issued under the guarantees of the Guarantee Fund reached almost 2 billion KGS.

At the end of the conference, M.- A. Abakirov shared information about the activities of the Fund from the beginning of its activities to the present day, according to which, the Guarantee Fund provided support to entrepreneurs, providing almost 2,700 guarantees worth more than 2 billion 142 million KGS, while the amount of loans issued under the guarantees provided exceeded 7.6 billion KGS.