Jewellers in Kyrgyzstan to receive loans of up to 90 million KGS at 6%

A preferential lending programme for the jewellery industry has been approved in Kyrgyzstan, which will help to modernise and expand production.

The State Tax Service has announced the approval of the procedure for preferential lending to entities in the jewellery industry. The decision was adopted by a Cabinet of Ministers decree dated 22 April.

The programme provides for:

• loans of up to 90 million KGS;
• a term of up to 60 months;
• an interest rate of 6% per annum;
• a grace period of 180 days.

Funding will be provided through state-owned banks – Ayyl Bank JSC and Eldik Bank JSC. The banks have been advised not to charge additional fees.

The programme aims to modernise jewellery production, expand capacity and enhance the competitiveness of domestic products.

In recent months, the state has stepped up its support for the jewellery sector: the tax burden has been reduced to 0.25% of turnover, and access to gold has been provided at a price below the London fixing with a payment deferral of up to 180 days.