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Credit Product Program "Targeted Financing through Partner Banks for Light Industry Entities"

Target Group

Partner Banks Commercial banks of the Kyrgyz Republic:
Without restrictions on credit activities and complying with all prudential requirements of the National Bank of the Kyrgyz Republic;
Having three years of profitable activity. Economic entities meeting the criteria and requirements of the Credit Policies of partner banks.

Financing Sectors

- Light (garment and textile) industry

Purpose

Projects aimed at diversifying and stimulating the light industry in the Kyrgyz Republic, creating jobs, and balancing economic development across regions. The following funding directions may be targeted within this program:
- Acquisition, renewal, expansion, and modernization of fixed assets, including repair of premises and equipment;
- Replenishment of working capital including the purchase of fabric, consumables, and other working capital.

Funding Currency

- Kyrgyz som

Financing Term

- Up to 5 years (60 months)

Interest Rate

- 9.5% per annum - for partner banks;
- Not exceeding 14% per annum - for borrowers of partner banks.

Funding Amounts

  • The maximum loan size should not exceed 30 million soms;
  • The minimum loan size is 1 million soms;
  • The partner bank may additionally co-finance the project from its own funds.

    • Contents

    Financing limit term for partner banks
    - Up to 5 years (60 months)
    Financing term for borrowers of partner banks
    According to the requirements of the partner bank
    Financing collateral for partner banks
    Guarantees of the Kyrgyz Republic State bodies, the Cabinet of Ministers, international financial institutions, banks, and the Guarantee Fund of the Kyrgyz Republic;
    Kyrgyz Republic government securities; Real estate, including land plots; Equipment, vehicles;
    Credit portfolio of partner banks; Guarantees of third parties, acceptability of which is evaluated by the Bank according to the Bank's Collateral Policy;
    Other types of collateral in accordance with the Bank's Collateral Policy
    Financing collateral for economic entities
    Any property in accordance with the requirements of the partner bank
    Repayment schedule for partner banks
    - Interest - on a quarterly basis; - Principal debt - at least twice a year
    Repayment schedule for borrowers of partner banks
    According to the requirements of the regulatory documentation of the partner bank
    Interest rate for non-target use of credit funds
    In case of non-target use of credit funds, the interest rate increases to 20% per annum. The Bank reserves the right to provide information on the non-target use of credit funds by the client to the Credit Information Bureau
    Responsibility for repayment of borrowed funds by entrepreneurs
    The partner bank fully assumes the risk of non-repayment of the loan by borrowers - economic entities
    Monitoring
    The Bank has the right to monitor the loan issued by the partner bank at any stage of its use
    Restrictions
    The Bank does not finance:
    - Gambling business;
    - Military industry;
    - Areas where forced child labor is used;
    - Activities related to money laundering/legalization of income obtained illegally, and financing of terrorism;
    - Trade, production, and other activities related to the use of weapons;
    - Activities prohibited by the legislation of the Kyrgyz Republic

    ** The Bank reserves the right to change the terms of this Program

    ** In case of providing government securities of the Ministry of Finance of the Kyrgyz Republic as collateral, the requirement for profitability over the last 3 years to Partner Banks, SIFs, and other FIs is excluded.

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