BISHKEK, Kyrgyzstan, July 4. The Guarantee Fund of Kyrgyzstan has issued 2,925 guarantees to entrepreneurs, totaling more than 1.631 billion soms ($18.6 million) since the beginning of 2023, Trend reports.
This support, aimed at covering collateral shortfalls, has enabled entrepreneurs to secure loans exceeding 4.105 billion soms ($47 million).
Since its establishment, the Guarantee Fund has granted a total of 6,355 guarantees to local entrepreneurs, surpassing 6.9 billion soms in total ($79 million). Partner banks have provided loans amounting to over 22.114 billion soms ($253.2 million), utilizing the guarantees provided by the Guarantee Fund as collateral.
Currently, 87 percent of the guarantees provided are directed towards the development of entrepreneurship in various regions of the country. The priority sectors include agriculture, agricultural product processing, industry, and tourism.
The government of Kyrgyzstan established the Guarantee Fund with an initial capital of 72 million soms ($822,744) sourced from the republican budget back in 2016. An additional $3 million was allocated to the fund's capital through financial support from the Asian Development Bank (ADB).