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Cabinet to allocate 2.6 billion soms to support exports and import substitution

The government will allocate 2.6 billion soms from the budget by the end of the year to subsidize interest rates to support domestic producers focused on exports and import substitution. This was announced today at a working meeting of the Prime Minister.

Vice Prime Minister Tolkunbek Abdygulov said that within the framework of the project of the Cabinet of Ministers «Jany dorogo kyrk kadam» a program to support exporters was developed.  Necessary changes in the budget were already made which are supported by the parliamentary profile committee.

«From now on, we are ready for a program to support exporters and import-substituting enterprises. The scheme of their financing is similar to the program of support of agricultural producers. Commercial banks themselves select participants, work with borrowers, give them the necessary funds, and the budget already allocates funds to subsidize interest rates,» Tolkunbek Abdygulov said.

Enterprises will be able to receive a loan with a grace period of six months at 10 percent per annum.

«We plan that by the end of the year we will be able to draw funds — 300 million soms. We will be able to finance basic and current assets. To finance fixed assets, we will issue a loan for up to 5 years, for working capital — up to three years. In this case, it is necessary to have a certificate of origin and the absence of a negative credit history and debts for taxes and other obligations and payments to the budget. Priority will be given to enterprises that have contracts for the supply of products to neighboring countries, contracts for the purchase of raw materials from local producers and with a positive dynamics of job growth. At once I will say that in case of misuse of the loan,its rate will stop to be preferential and will increase to 30 percent,» Azizbek Omorkulov, Chairman of the Board of RSK Bank JSC, said.

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