International Conference.

On April 18, a presentation on the guarantee system of Kyrgyzstan at the international conference in Istanbul took place. Malik Abakirov, the Chairman of the Board of the OJSC “Guarantee Fund”, made a report on the topic “Guarantee Funds establishment and development – experience of Kyrgyzstan”. As we have already reported, the Chairman of the Fund has participated at the international conference on Innovative Finance for Growth: The Role of Credit Guarantee Funds”

Malik Abakirov welcomed the participants and made an opening speech in English. Then he spoke about the history of establishment of guarantee funds of the Kyrgyz Republic and the main stages of the established two-tier system by the OJSC “Guarantee Fund” and 6 regional guarantee funds, the support from the President, the Government and the Parliament for guarantee system development. The Chairman of OJSC “Guarantee Fund” accompanied his speech with a slide show.

The Fund has implemented 16 principles of the World Bank for Public Credit Guarantee Schemes (CGSs) for SMEs, corporate governance system, International Financial Reporting Standards IFRS 9, and an effective risk management system. This makes it possible to conduct effective work to promote access to finance for small and medium-sized enterprises in all regions of Kyrgyzstan, said Malik Abakirov in his speech.

The presentation was received with interest by the conference participants. As noted by Malik Abakirov, for them an important fact was the effectiveness of practical activities and the experience of institutional development of OJSC “Guarantee Fund”, which achieved noticeable results in just 3 incomplete years of existence. The desire to establish cooperation with OJSC “GF”, in particular, was shown by employees of the ADB Development Institute and other financial structures.

The conference is held in a businesslike, friendly atmosphere, Malik Abakirov said.

For your information: The conference is organized by ADBI (Asian Development Bank Institute), Central Bank of the Republic of Turkey and Turkey’s Credit Guarantee Fund.

More than 20 countries of the Asian continent have taken part in it, including ASEAN members – Japan, Indonesia, Hong Kong, China, Vietnam, Korea, Mongolia, Thailand, Kazakhstan, Turkey and other countries; 75 international financial organizations and institutions – Central Banks of Japan, Turkey, Kuwait, Vietnam, Bangladesh, Albania, Indonesia, Jordan, Cambodia, Afghanistan, Sudan, Uganda, Ethiopia, and OECD, ADB, Credit Guarantee Fund of Mongolia, Korean Credit Guarantee Fund , Kyoto University (Japan), University of Hong Kong, University of National Economy (Kazakhstan), Financial Services Authority of Indonesia, National Credit Bureau of Thailand and many others.