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Ulukbek Maripov instructs to revise mechanism for loan granting to farmers

Chairman of the Cabinet of Ministers of Kyrgyzstan Ulukbek Maripov instructed to revise the mechanism for granting agricultural loans. Press service of the Government reported.

He stressed at a meeting with the Chairman of the Board of Aiyl Bank Ulan Bukabaev that the state annually provides funds from the republican budget to support the Agriculture Financing Project, but credit funds are not always spent on their intended purpose.

Loans have been granted to agricultural producers for nine years, but the dynamics of development of the agricultural sector remains at a low level. It is necessary to consider possibility of revisal of the mechanisms for issuing loans.

Ulukbek Maripov

They also discussed the situation in the banking sector, development of agricultural lending and the bank’s priority plans for 2022-2023.

Ulukbek Maripov noted the need to support small and medium-sized businesses, including drip irrigation projects and ensuring food security, strengthening the work of call centers, and developing Internet banking.

«A complete digital transformation of the bank is needed, which will help not only retain customers, but also expand the banking business through the use of modern channels that allow for closer cooperation with customers and a clear understanding of their preferences,» he said.

The Chairman of the Cabinet of Ministers also stressed the need to analyze agricultural machinery produced by various manufacturers with more modern characteristics for its subsequent sale on leasing terms.