President of Kyrgyzstan Sadyr Japarov signed the law on Amendments to Certain Legislative Acts of the Kyrgyz Republic on the Activities of the State Development Bank. The press service of the head of state reported.
The document was adopted by the Parliament on October 4 to improve the management efficiency of State Development Bank OJSC.
«The law clarifies the goals of the creation, legal and organizational basis for the activities of the State Development Bank, and also provides additional functions,» the statement says.
According to the amendments, the Cabinet of Ministers will be the sole shareholder of the State Development Bank. It will not be subject to the Law on Banks and Banking Activities. In its activities it will be guided by the law on joint stock companies and its own regulations. In fact, this means that the State Development Bank does not need a license from the National Bank. Funds of the State Development Bank can be placed on a special account for storing or repaying its obligations on loans in foreign and national currencies to replenish the authorized capital of the National Bank.
