Published
02/13/2026, 13:34The State Financial Holding has provided guarantees worth around 40 billion KGS, which, together with banks and development funds, has made it possible to finance projects worth around 80 billion KGS. This was announced by the chairman of the State Financial Holding, Eldiyar Doolbekov, at a business breakfast attended by representatives of the financial sector.
According to him, the state guarantee mechanism was originally created as a tool to support large investment projects at a stage when the initiators do not have sufficient collateral.
‘We act as a guarantor in the absence of collateral because, in fact, all large national projects are start-ups at the beginning. During this period, when the facility is being built and put into operation, the state is ready to take the risk and act as a guarantor,’ Doolebekov said.
However, according to him, the banking sector has recently begun to perceive guarantees as a universal tool for covering credit risks.
‘Guarantees should not be seen as a panacea for covering all credit risks. Once the facility is put into operation, this mechanism should be released,’ he stressed.
The head of the holding company recalled that today, 1% of the republican budget's expenditure is allocated to providing guarantees. At the same time, the volume of applications from banks is growing every year.
‘The state cannot fully guarantee all large projects. Absolutely all credit risks should not be covered by this mechanism,’ Doolbekov said.
He said that a separate discussion with the participation of the Ministry of Finance and the banking community is planned in February to develop a balanced approach to the further development of the guarantee system.
Thus, while expanding the instruments of state support, the authorities are setting limits on budget participation and signalling the need to redistribute risks between the state and financial institutions.
