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Russian-Kyrgyz Fund hinders development of trade relations

«Russian-Kyrgyz Development Fund hinders the development of trade relations between Kyrgyzstan and Russia," the deputy Ziyadin Zhamaldinov said at a meeting of Onuguu-Progress faction.

Board member of the Fund Erkin Asrandiev said that three main objectives are spelled out in the charter: the modernization of the Kyrgyz economy, facilitating of entry of the republic into the Eurasian Economic Union and the development of trade and economic relations between the two countries.

«The fund provides loans at 12 percent in som equivalent, while its authorized capital is in dollars. We take money from the National Bank in US dollars, and we also bear the foreign exchange risks, for which the National Bank takes responsibility. There are own expenses, and interest bonuses are spent on them," representative of the fund replied to charges of parliamentarian.

Now we are looking for ways to reduce the rates. As of February 24, the fund has issued loans for 300 projects at more than $ 41 million.

Erkin Asrandiev

«In order the money not to stand idle — he added — the Fund repatriated bonds. Funds that are in Eurobonds don’t cause problems. If there is a request for a large sum, we will be able to easily use it," he said.

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