BAKU, Azerbaijan, March 10. The Guarantee Fund of Kyrgyzstan issued 548 guarantees worth 388.9 million soms ($4.4 million) to entrepreneurs as of March 9, Trend reports with reference to the fund.
According to the fund, the guarantees were provided to cover the missing amount of the collateral. Due to this, the entrepreneurs could get loans for 840 million soms ($9.6 million).
Last year, the Guarantee Fund of Kyrgyzstan started to issue mortgage guarantees for the purchase of housing in regions as a part of the State Mortgage Company’s project. The fund allocated 16 mortgage guarantees as of March 9, 2023.
The Guarantee Fund of Kyrgyzstan issued 1,042 guarantees for 1.8 billion soms ($20.5 million) in 2022, which allowed the entrepreneurs to get loans for 6.1 billion soms ($69.7 million) in commercial banks.
The amount of guarantees provided by the fund in 2022 faced an increase of 1.4 times compared to 705 guarantees in 2021.
In total, the fund has issued 3,978 guarantees worth 5.6 billion soms ($64 million) to domestic entrepreneurs since the beginning of its operation.
The partner banks have issued loans secured by the Guarantee Fund for more than 18.7 billion soms ($213 million), in the reporting period.
The largest share or 85 percent of the total amount of guarantees has been provided for the development of entrepreneurship in Kyrgyzstan regions.