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Jeenbekov calls on country’s financial institutions to be engine of regional development


Kyrgyz President Sooronbay Jeenbekov today, Aug. 20 received Chairmen of the Board of the RussianKyrgyz Development Fund (RKDF) Erkin Asrandiyev, Guarantee Fund OJSC Malik Abakirov, Ayil Bank OJSC Baktybek Shamkeyev and RSK Bank OJSC Azizbek Omorkulov.

The heads of the country’s financial institutions provided information on the volume of project financing and soft loans for 7 months of 2019, the press service of the Kyrgyz President reported.

Thus, the RKDF has financed 369 projects for the above period for the amount of KGS 4.5 billion, which is twice as much as for the same period in 2018. At the same time, more than 60% of the loans were directed to the regions of the country. In addition, Erkin Asrandiyev informed about the launch of startup financing programs in the pilot mode and reduction of interest rates for small and medium businesses on KGS loans up to 9%.

During the first 7 months of 2019, the Aiyl Bank issued 34 thousand 757 loans worth KGS 7.7 billion and the number of loans issued increased by 2520. In the regions, 72% of the total number of loans was issued.

The RSK Bank for the reporting period issued 6 thousand 908 loans for the amount of KGS 4.8 billion. The number of loans issued increased by 844, including an increase in the volume of loans issued to the regions of the country, which amounted to KGS 2.6 billion and 74% of the total number.

As for the Guarantee Fund, at the end of 7 months of 2019, 264 guarantees were issued for the amount of KGS 469 million, which is KGS 198 million more than in 2018. The growth amounted to 173 %. Due to the guarantees, banks issued loans of KGS 1.4 billion, having increased by 156% compared to the previous year.

Jeenbekov noted the need to continue to actively support entrepreneurs and exportoriented enterprises in the regions, to finance the startups of young entrepreneurs, and to provide rapid credits through digital technologies.

The President once again emphasized the need to direct financial resources and opportunities to the development of the regions in order to create and popularize processing enterprises for the sale of the population’s products milk, meat, hides, wool, vegetables, fruits and other products of crop production, creating additional jobs, which will reduce migration.

All these measures are being implemented as part of the Government’s regional development policy. It is you, the main financial institutions of the country, who are the engine of our regions’ development. Support regional entrepreneurs, finance their projects more actively, President Jeenbekov urged.

Source: Kyrgyz National News Agency