According to him, startups need accessible financial resources for growth, and one of the solutions could be the establishment of a preferential credit line in the banking sector.
In response, Deputy Minister of Finance Nurbek Akzholov emphasized that specific initiatives for support have already been developed. The World Bank and the Asian Infrastructure Investment Bank plan to allocate $170 million for the development of small and medium-sized enterprises, including startups in Kyrgyzstan.
During the meeting, a draft law "On Amendments to Certain Legislative Acts of the Kyrgyz Republic in the Field of Venture Financing" (first reading) was also discussed.
Note:
A venture fund is a specialized private fund managed by a venture company, according to the glossary of the American Securities and Exchange Commission. These funds typically invest in exchange for equity and may be focused on specific industries or stages of company development (early, mature, or late). Venture investments have a long horizon (funds are created for at least 10 years) and remain "locked" until liquidity events occur (such as the sale of the company or an IPO).
The National Investment Agency of Kyrgyzstan proposes to adopt a law on venture financing that introduces the definition of "venture capital fund," which represents a form of collective financing created by attracting funds and assets from qualified investors for investments in startups and innovative companies.
The Asian Infrastructure Investment Bank was established in 2016 in Beijing. By the end of 2020, it had 103 approved members, including Kyrgyzstan, representing about 79% of the world's population and 65% of the world's GDP.
