Russian-Kyrgyz Development Fund allocates Optima Bank $10 million for lending to SMEs

The Russian-Kyrgyz Development Fund has decided to allocate an additional credit limit for Optima Bank worth $10 million.

Optima Bank carried out effective work on the selection and implementation of projects in the field of small and medium-sized enterprises, having successfully mastered the initial limit of $10 million.

“Additional funding from the Russian-Kyrgyz Development Fund will positively affect the successful development of the SME sector in the country, especially in regions where we give priority to supporting SMEs,” said Beibut Kapyshev, Optima Bank Board Chairman. “Under the SME Financing Program through the RKFR, entrepreneurs can receive preferential loans for business development at Optima Bank at 10-12% per annum in national currency and 5-7% per annum in US dollars for up to five years. It is important for Optima Bank to constantly expand its lending opportunities for businesses, thereby contributing to the growth of the Kyrgyz economy,” he added.

Optima Bank OJSC is one of the key RKFR partners, whose program for targeted financing of SMEs in Kyrgyzstan is implemented by 14 partner banks and three microfinance organizations. Since the beginning of cooperation with the Fund in April 2017, Optima Bank has financed 33 projects worth more than $10 million both in Bishkek and in the regions in agriculture, clothing, textile and manufacturing.

“Support for small and medium-sized businesses is among the key areas of the Russian-Kyrgyz Development Fund,” said Erkin Asrandiev, RKFR Board Chairman.

As of September 1, 2019, the Russian-Kyrgyz Development Fund funded 1948 projects of large, small and medium-sized businesses in all regions of the country for a total amount of $ 353 million. More than 55% of the funded projects are enterprises from the agricultural sector and the production sector.