Kyrgyzstan’s economic week – Apr. 2-7, 2018

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Markets will be replenished. 43 enterprises from Kyrgyzstan can supply their products to Russia and Kazakhstan.

At the round table in B2B format with the participation of representatives of the business of the KR and large trading networks of Russia Minister of Economy of Kyrgyzstan Artem Novikov said that these enterprises are included in the List of Producers that can supply goods to the territory of the Eurasian Economic Union member- states.

In far Tunis. Vice Prime Minister of Kyrgyzstan Sanjar Mukanbetov within the framework of participation in the 43rd annual meeting of the Islamic Development Bank Group in Tunis (Tunis Republic) discussed the bilateral relations with Managing Director of the Saudi Fund for Development (SFD) Ibrahim Al-Bassam.

The Kyrgyz Vice Prime Minister expressed gratitude to the SFD for the high willingness to cooperate with the Kyrgyz government in the whole spectrum of financial services to meet Kyrgyzstan's demand for external borrowing. He stressed that the Kyrgyz leadership highly appreciates the contribution of the SFD to the economic development of the country.

He thanked the SFD for a grant totaling $ 3.8 million for the construction of a laboratory and quarantine zone and the provision of modern high-tech medical equipment to the Heart Research and Organ Transplantation Institute in Bishkek.

Funds for exploration. Centerra Gold Inc decided to resume investments in exploration at the Kumtor mine.

At a meeting with Prime Minister of Kyrgyzstan Sapar Isakov Executive Director of Centerra Gold Inc. Scott Perry confirmed the company's intention to invest additional $ 25 million in further geological exploration to extend the mine, which provides jobs to about 5,000 local specialists and is the largest taxpayer in the private sector.

"Since 2012, we have not invested in geological exploration work, due to the fact that there was some disagreement between the Government of the Kyrgyz Republic and the company. After the conclusion of the new agreement, we decided to resume investments in geological exploration," Perry said.

Projects of the Fund. In 2017, the Russian-Kyrgyz Development Fund (RKDF) financed 823 projects worth $ 216 million.

Erkin Asrandiyev, Chairman of the Board of the RKDF, during the meeting of the Fund’s Council with the participation of Deputy Minister of Finance of Russia Sergey Storchak, $ 116 million of this amount was spent on financing of small and medium-sized businesses and $ 145.5 million for direct financing of projects. In addition, $ 50 million is invested in state treasury bonds.

"More than 51% are directed to the agrarian sector, processing and the sphere of production. A significant share was allocated to the spheres of tourism, transport, infrastructure development, communications and technology. In the context of the regions, a total of 823 loans were given, of which almost 50% remained in Bishkek and Chui oblast," Asrandiev said.

New workplaces. As a result of the activities of the Russian-Kyrgyz Development Fund, a significant socio-economic effect was achieved from the projects financed by the Fund. As a result of the implemented projects, 16 thousand jobs were created.

Minister of Economy of Kyrgyzstan Artem Novikov said that these are indicators without indirect results. "If we take the indirect result, then the figures will be more impressive - about 60 thousand seats. This includes farmers," the minister said.

As for tax revenues, according to Novikov, there is a significant increase.

"In addition, those projects that are financed by the Fund they allow to increase both the supply of raw materials and materials from producers, "he said.

Fund and regions. In 2018, the Russian-Kyrgyz Development Fund intends to focus of development of regional projects.

Chairman of the Board RKDF Erkin Asrandiev said that the Foundation has developed a plan that will improve the conditions for access to financing in the regions.

"The plan includes elements of consulting and training for regional entrepreneurs. In addition, we will meet periodically with entrepreneurs to form specific lists of projects and bring them to the end," he said.

Blockchain in Kyrgyzstan. A system of block-technologies will be developed in Kyrgyzstan.

Executive chairman of the Swiss-Central Asian Business Council Valery Tutykhin said that they prepared a report on the results of the study.

"The goal of the legal research was to determine how Kyrgyz legislation regulates commerce-based technology: transactions with crypto assets, crypto-currency mining, stock-trading of block-asset assets, and public offers of crypto-active assets (ICO). The main conclusion of the report is that Kyrgyz legislation is friendly to friendly to crypto-asset commerce," Tutykhin explained.

Kabar News Agency

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