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Tuesday 23 January 2018

Russian-Kyrgyz Development Fund Criticized


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BISHKEK (24.kg) — At the first meeting of the working commission set up under the decree on declaring 2018 the Year of Development of Regions, the President of Kyrgyzstan, Sooronbai Jeenbekov, criticized credit institutions for improper distribution of loans in the regions.

Sooronbai Jeenbekov said that the money of the Russian-Kyrgyz Development Fund (RKDF) is distributed haphazardly/

Some regions are developing, while others are being ignored. Therefore, investment funds should be distributed based on the interests and features of the regions. Aiyl Bank, the Guarantee Fund and RSK Bank should take this into account,

The head of state instructed RKDF to give preference to projects aimed at opening production in rural areas.

Russian Kyrgyz Development Fund provides specialized financing services for small and medium-sized enterprises in Kyrgyzstan. It provides medium- and long-term loans, either through partner banks or direct financing, in order to promote economic cooperation between the Kyrgyzstan and the Russian Federation. RKDF gives priority to the development of agriculture, textile industry, manufacturing, mining and metals industry, trade, transportation, housing and infrastructure projects. RKDF was founded in 2014 and is headquartered in Bishkek, Kyrgyzstan.

Earlier it was reported that the fund’s capital would be $1 bln, but the fund started working with only $350 mln. As of October 2017, RKDF financed 780 projects for $254 mln.

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