The State Development Bank will allocate more than 5 billion KGS to finance exporters

Kyrgyzstan plans to allocate more than 5 billion KGS to finance exporters through the State Development Bank. This was announced by Urmat Takirov, director of the “KyrgyzExport” Center for Export Development and Promotion.

According to him, over the next three years, the bank is set to receive more than 5 billion KGS in capital to implement the export support program.

Funding is planned to be provided based on export contracts. The relevant work is already included in the Cabinet of Ministers’ plan, and the Ministry of Finance has been tasked with working out the necessary details.

“We believe that special financing mechanisms need to be developed for exporters. This will be the first step,” Takirov noted.

He added that Kyrgyzstan is considering the possibility of establishing a separate export bank in the future. However, this will require preparing the necessary legislative framework, developing the appropriate infrastructure, and increasing the number of potential clients.

“If there are no clients, it will be ineffective,” noted the head of “KyrgyzExport.”

Previously, as part of the UNDP project “Trade Facilitation in Central Asia,” 4,823 micro, small, and medium-sized enterprises (MSMEs) received support. The value of the supported export contracts totaled $17.1 million.

The project also contributed to the development of the national export support infrastructure, including the establishment and development of “KyrgyzExport,” an export portal, and tools for promoting Kyrgyz products in foreign markets.