Kyrgyz-Russian Development Fund launches SMB financing

Almaty. September 3. Silkroadnews - Kyrgyz-Russian Development Fund launches financing of small and medium businesses (SMB), transfers KyrTAG.
"On August 26, we signed an agreement with the National Bank of the Kyrgyz Republic for the provision of som resources for concessional financing. Also this morning we signed an agreement with our state-owned banks RSK and "Aiyl Bank". Priorities will be give for agricultural sector projects, sewing and processing projects", - said chairman of the board Fund Nursulu Akhmetova.
Loans will be provided to the final consumer at the lowest interest rate of 12% in local currency, for a term of 5 years with 1 year grace period.
As explained by the chairman of the fund, for financing of SMB will issue 1.2 billion soms.
"Today, on the account of the fund there are $250 million at the end of September we expect the next tranche in the amount of $50 million. According to the agreement signed with RSK and "Aiyl Bank" we identify each of them 600 million soms. I think, for a pilot project this is a sufficient sum", - explained N. Akhmetova.
Recall, the fund established under an agreement between the governments of Kyrgyzstan and Russia. Financed by Russia, which will provide $1 billion, of which $500 million - the authorized capital, the other half - borrowed funds.