BAKU, Azerbaijan, April 19. The Guarantee Fund of Kyrgyzstan has provided more than 1.7 billion soms ($19.4 million) as guaranteed support to Kyrgyz entrepreneurs from February through March 2023, Trend reports with reference to the fund.
According to the fund, the organization has provided guarantees to 1,700 entrepreneurs in the first quarter of this year.
The organization pointed out that provided support allowed business entities to receive loans in the amount of more than 2.6 billion soms ($29. 7 million).
Meanwhile, the fund has allocated more than 5,200 guarantees for more than 6.3 billion soms ($71. 9 million) since the beginning of its operation, which provided domestic businesses with access to credit financing in the amount of more than 20.6 billion ($235.3 million).
Overall, the Guarantee Fund 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 the commercial banks of the country.
The amount of guarantees provided by the fund in 2022 registered an increase of 1.4 times compared to 2021 (705 guarantees).
The Guarantee Fund was established by the government of Kyrgyzstan in 2016. The initial capital was formed at the expense of the republican budget in the amount of 72 million soms ($822,744). An additional $3 million was allocated to the fund's capital from the financial support of the Asian Development Bank (ADB).