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Authorized capital of Guarantee Fund exceeds 1 billion soms

Authorized capital of the Guarantee Fund exceeded one billion soms and now amounts to 1,132 billion soms.

The National Bank of Kyrgyzstan purchased an additional issue of shares of Guarantee Fund Open Joint Stock Company in the amount of 550 million soms. The money has already been transferred to the fund. Thus, the National Bank of the Kyrgyz Republic is among the shareholders with a share of about 49 percent.

According to experts, if we compare the size of the authorized capital of the Guarantee Fund with the indicators of the banking system, the fund takes the 8th place among the banks of Kyrgyzstan.

The relevant government order earlier noted that «additional capitalization of Guarantee Fund Open Joint-Stock Company will increase the number of guarantees issued, increase the volume of loans granted by partner banks, the average amount of guarantees, the volume of the guarantee portfolio, the number of created and maintained jobs.»

The National Bank will regulate and supervise the activities of the guarantee funds. Corresponding regulatory legal acts have already been developed and submitted for public discussion.