New to the book market.

At the beginning of 2019, a book of Malik Abakirov and Syrgak Abakirov “Access to Finance for SME: Guarantee Fund” was published. It is encyclopedic and is intended for a wide range of readers interested in the entrepreneurship development, guarantee funds, finance and economy of Kyrgyzstan as a whole.

The book can also be used as a scientific and practical manual for financial and banking workers, entrepreneurs, students and university professors. The authors did a tremendous amount of research and analysis, provided the book with a broad conceptual apparatus, tables and diagrams and described international experience in the development of guarantee funds and their impact on the economy.

In this book, relevant in content, informationally rich, statistically reliable, the role and importance of the guarantee system in the field of small and medium enterprises in Kyrgyzstan is described, including the history of establishment and development, stages of formation, and according to which, it is planned to establish SME Development Corporation and SME Development Bank.

The value of this book is that it is based on the real and successful experience of the activities of OSJC “Guarantee Fund”, the forecasts and prospects are based on a firm foundation of achievements of this development institution. Recall that the Fund was established in 2016 by the Order of the Prime Minister S. Jeenbekov. Later, in 2018, S. Jeenbekov, who had already become President, noted with satisfaction the accuracy and timeliness of the creation of Guarantee Fund, which in a short period of work managed to achieve good results in the guarantee support for entrepreneurs of the republic.

Thanks to the support of Guarantee Fund, a small business gets the opportunity to actively use bank loan resources. The activity statistics demonstrates its progressive development, the constant increase in the number of guarantees and amounts issued to SMEs, and most importantly, the guarantee coverage of entrepreneurs in all regions of the republic.



What do the representatives of partner banks think about the book?

Nurdin Ilebaev, Chairman of the Board of OJSC “CB Kyrgyzstan”:

“The book is really interesting, and not only to credit specialists and bankers. It will certainly interest entrepreneurs, civil servants, and even scientists, because theoretical aspects and practical schemes of interaction are perfectly reflected both in scientific terms and for applied purposes.

In 2011, in order to support entrepreneurship in the regions, guarantee funds were created, which main task was to support those entrepreneurs who did not have enough collateral to obtain loans from commercial banks. The authors, one of whom was at the forefront of creating these financial institutions, brilliantly reveal the mechanisms and schemes for entrepreneurs to get more loans for their business, that ultimately leads to an increase in turnover, financial stability, and the creation of additional jobs.

As practice shows, the repayment of loans with the participation of guarantee funds is almost 100%. This is a great financial tool, proven and working to this day.

For example, OJSC “Commercial Bank Kyrgyzstan” has been cooperating with guarantee funds since 2012. During this period, loans amounting to USD 3.1 million and KGS 200 million, respectively, were issued, and the number of borrowers who received loans with participation of guarantee funds amounted to about 300 people.”

Opinion on the practical benefits of cooperation with OJSC “GF”

Tologon Ibraev, General Director of LLC “Dos TJM”:

“Our company has been producing tractors since 2016 in small batches. When we applied for guarantees in OJSC “GF”, they not only supported us, but also offered to build a plant for the production of tractors, electric tractors, attachments to them, as well as electric cars. After our consent, we were provided with consulting assistance and a business plan was developed, assistance was provided in obtaining a loan with a guarantee and a draft program for the restoration of agricultural engineering was developed.

Such an approach places OJSC “GF” at the level of development institutions, and in combination with providing guarantees and consulting services, makes it an invaluable partner for entrepreneurs.”

Bolot Tolonov, Director of PE “Akmatova”:

“Our company conducts business in Kochkor district and produces cheese. To expand the range of products, increase the production of cheese and other dairy products, we requested support from OJSC “GF”. Here we received consultations and help in developing a business plan, promoting it in banks and obtaining a loan. Thanks to the cooperation with OJSC “GF”, our production is being developed, the quality of financial management is improving, and the geography of sales is expanding.”




Nazarov, Private Entrepreneur:

 “I was pleasantly surprised when I was informed about the existence of such an institute as OJSC “Guarantee Fund” and the services it provides. Especially I would like to note the efficiency of the decision taken in the provision of guarantees, that is an important factor for entrepreneurs. I am sure that guarantees will become one of the main factors for promoting Kyrgyz products on foreign markets.”






Khe Godun, General Director of LLC “Kyrgyz Korm”

 “In the modern world, for business development, it is necessary to attract loan funds, otherwise you can lose position in the market. The demand for the institute of guarantees in Kyrgyzstan appeared long ago and, I am very glad that we have such an institute. I am sure that OJSC “Guarantee Fund” will become a catalyst for business growth in the country. I would like to emphasize consulting support from OJSC “GF”, that allowed me to attract resources at a cost significantly lower than the market.”





We would like to note that soon the book will appear on the shelves of Bishkek bookstores. We will inform you about this.