Resolution No. 37-2 of 2001 on establishment of microcredit companies and microcredit agencies

Kyrgyz Republic

(amended through 2008)

Resolution No. 37-2 of 2001, issued by the National Bank of the Kyrgyz Republic, governs the establishment and licensing of microcredit companies and microcredit agencies.

This resolution defines microcredit as an activity of microfinance organizations to provide microcredit to individuals and entities to implement goals of microfinance organizations. Microcredit companies are defined as specialized commercial microfinance companies, while microcredit agencies are defined as non-profit specialized lending microfinance organizations. Both microcredit companies and microcredit agencies operate with a certificate issued by the National Bank of Kyrgyz Republic to provide microcredit to natural legal persons only from their own funds or funds of donor organizations, local and international financial institutions in accordance with Law No. 124 on Microfinance Organizations.

This regulation includes:

  • General provisions;
  • Procedures for establishment of microcredit companies and microcredit agencies;
  • Issuance of certificates for microcredit companies and microcredit agencies;
  • Procedures for opening branches and offices;
  • Denial of certificates for establishment of microcredit companies and microcredit agencies;
  • Withdrawal and termination of certificates to operate as microcredit companies and microcredit agencies; and
  • Reorganization and liquidation of microcredit companies and microcredit agencies.

DISCLAIMER: Due to the fact that an English translation was unavailable for this resolution, information for this summary has been taken from secondary sources and not from review of the actual legal text.