Bishkek, Oct.8, 2019. /Kabar/. Kyrgyzstan’s National Bank has invested KGS 550 million in the capital of the Guarantee Fund OJSC to support the development of the regions, National Bank’s Chairman Tolkubek Abdygulov told reporters at Kabar News Agency.
According to the chairman, thus far, the National Bank has become the owner of 49% shares of the Guarantee Fund.
“Thus, the National Bank, the Russian-Kyrgyz Development Fund and the Guarantee Fund OJSC have developed a mechanism for financing startup projects for processing agricultural products by producers in Batken, Talas and Naryn Oblasts,” the National Bank head said.
Within the framework of this project, the Russian-Kyrgyz Development Fund allocated $1 million, which will be evenly distributed among the three areas.
“Start-up projects can also be additionally financed with funds from commercial banks participating in the program. For its part, the Guarantee Fund OJSC provides guarantees to entrepreneurs whose start-up projects will be selected for financing,” Abdygulov added.
Chairman of the National Bank said that currently commercial banks are working to conclude agreements with the Russian-Kyrgyz Development Fund, after which commercial banks will issue loans under the program.
“At the same time, in order to stimulate measures to support long-term economic growth, the National Bank has provided loans in the national currency of an international organization, established by Kyrgyzstan jointly with other states within the EAEU. Since the launch of this instrument in 2015 to 2019, the total amount of allocated resources amounted to KGS 2.5 billion,” he concluded.
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