The Kyrgyz company Garanti Fund and the Azerbaijan-Kyrgyz Development Fund have signed a cooperation agreement on supporting entrepreneurs.
The document was signed by Malik Abakirov, Chairman of the Board of Directors of the Guarantee Fund, and Almaz Mambetov, Chairman of the Azerbaijan-Kyrgyz Development Fund, Trend reported on Wednesday, citing the fund.
Under the agreement, the parties will support entrepreneurs by providing loans against collateral in case of insufficient collateral. The cooperation is expected to create new opportunities for both financial institutions, especially in supporting export-oriented and import-substitution entrepreneurs.
To date, the 25 partners of the Guarantee Fund include three microfinance companies, one microcredit company, 18 banks, the Russian-Kyrgyz Development Fund and the Uzbek-Kyrgyz Development Fund.
It should be noted that the ‘Agreement on the Establishment of the Azerbaijan-Kyrgyz Development Fund’ was signed on 11 October 2022. In April 2024, the Authorised Fund of the Azerbaijan-Kyrgyz Development Fund was increased to USD 100 million.
