BISHKEK, Kyrgyzstan, September 4. Kyrgyz company Guarantee Fund and Azerbaijan-Kyrgyz Development Fund have signed an agreement on cooperation in support of entrepreneurs, Trend reports.
According to information, the document was signed by the Chairperson of the Board of the Guarantee Fund Malik Abakirov, and the Chairperson of the Azerbaijan-Kyrgyz Development Fund Almaz Mambetov.
The agreement supports enterprises by offering loans against guarantees if collateral is insufficient. Cooperation could give both banking institutions additional ways to promote business, especially export and import substitution enterprises.
To date, among the 25 partners of the Guarantee Fund are also three microfinance companies, one microcredit company, 18 banks, the Russian-Kyrgyz Development Fund, and the Uzbek-Kyrgyz Development Fund.
To note, the “Agreement on Establishment of the Azerbaijan-Kyrgyz Development Fund” was signed on October 11, 2022. In April 2024, the authorized fund of the Azerbaijan-Kyrgyz Development Fund was increased to $100 million.