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Ministry of Economy develops special program to support migrants

The Ministry of Economy of Kyrgyzstan has developed Mekenim program to help migrants invest money in business projects in their homeland. Press service of the ministry reported.

Entrepreneurs will have an opportunity to receive a soft loan of up to 1 million soms for a period of up to 36 months based on «1 + 1» principle, that is, each som from remittances invested by a labor migrant will be supplemented by another 1 som within the program.

Commercial banks will finance the concessional loans. The government will subsidize interest rates from the republican budget. Rate of the loans was not reported.

«Program participants will necessarily take courses in business planning and financial literacy, and after the training will receive free advice and individual assistance in developing business plans throughout the launch and business development. The draft resolution of the Cabinet was submitted for public discussion,» the statement says.

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