Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

LAW OF THE KYRGYZ REPUBLIC

of August 9, 2012 No. 161

About National bank of development of the Kyrgyz Republic

(as amended of the Law of the Kyrgyz Republic of 16.12.2016 No. 207)

Accepted by Jogorku Kenesh of the Kyrgyz Republic on June 29, 2012

This Law determines legal and organizational basis of forming, the purpose of creation and activities of National bank of the development of the Kyrgyz Republic intended for development and stimulation of priority and strategic industries of economy of the Kyrgyz Republic.

Chapter 1. General provisions

Article 1. National bank of development of the Kyrgyz Republic and its status

1. The national bank of development of the Kyrgyz Republic (further - Bank) is the legal entity created in the form of open joint stock company.

The single shareholder of Bank is the Government of the Kyrgyz Republic on behalf of Fund for management of state-owned property under the Government of the Kyrgyz Republic.

2. The location of Bank is the city of Bishkek.

3. The Kyrgyz Republic does not bear responsibility according to obligations of Banka. Bank does not bear responsibility according to obligations of the Kyrgyz Republic.

Article 2. Legal regulation of activities of Bank

1. Legal regulation of activities of Bank is performed according to the Constitution of the Kyrgyz Republic, this Law and other regulatory legal acts of the Kyrgyz Republic.

2. Voided according to the Law of the Kyrgyz Republic of 16.12.2016 No. 207

Article 3. Purpose of Bank

Main objective of activities of Bank is diversification and priming of economy of the Kyrgyz Republic by means of investing activities, including investments into large national projects on commercially reasonable conditions.

Article 4. Tasks of Bank

Priority tasks of Bank are:

1) multiplicative impact on adjacent sectors of economy;

2) stimulation of structural shifts of economy;

3) rehabilitation and development of production infrastructure;

4) forming of export-oriented occupational sector of economy;

5) assistance to growth of business and investment activity in regions;

6) equalization of economic development of regions;

7) ensuring access of subjects of economy to credit resources on average and long-term basis;

8) stimulation of investment attraction in development of domestic enterprises;

9) implementation of modern methods of management, assessment and control of processes of crediting and projects implementation.

Article 5. Functions and powers of Bank

1. Functions of Bank:

1) selection and financing of projects, including participation (in the capital) in activities of legal entities;

2) project evaluation, offered to financing, according to internal acts of Bank;

3) selection of legal entities for projects implementation;

4) monitoring of implementation of the projects financed by Bank;

5) attraction and repayment of loans from various sources;

6) interaction with the international organizations of development, corporations and institutes of development of foreign countries and participation in realization of development of projects by the international organizations in the territory of the Kyrgyz Republic;

7) rendering services of finance, investment and analytical consulting by Bank;

8) control of observance by legal entities of the requirements provided by conditions of the projects realized with participation of Bank.

2. For implementation of the activities the Bank is allocated with the following powers:

1) performs the credit policy according to the internal acts approved by the Board of directors of Bank;

2) is determined by feasibility of financing of the project;

3) involves experts and consultants to implementation of bank examination;

4) raises borrowed funds, including from the republican budget, according to the law on the republican budget for the corresponding year;

5) acts as the organizer and the participant of borrowing with participation of domestic and foreign banks and other financial institutions.

Chapter 2. Relations of bank with state bodies of the Kyrgyz Republic, National Bank of the Kyrgyz Republic, the international financial institutions and foreign banks

Article 6. Relations of Bank with state bodies of the Kyrgyz Republic

1. The bank will independently organize and performs the activities within the powers established by this Law and other regulatory legal acts of the Kyrgyz Republic.

2. Intervention in any form of state bodies, their officials in activities of Bank, except as specified, directly provided by this Law and other legal acts of the Kyrgyz Republic is forbidden.

Article 7. Relations with National Bank of the Kyrgyz Republic

1. The National Bank of the Kyrgyz Republic exercises supervision and regulation of activities of Bank according to the bank law of the Kyrgyz Republic, with the features established by this Law. The bank does not need receipt of the license for the right of banking operations.

2. Means of Bank are placed on the separate account in National Bank of the Kyrgyz Republic and in other commercial banks (participating banks).

Article 8. Relations of Bank with the international financial institutions and foreign banks

In the activities the Bank interacts with the international financial institutions and foreign banks on financing of projects at technological level.

Chapter 3. Attraction and use of financial resources

Article 9. Transactions of Bank

1. For accomplishment of the Bank functions can carry out the following types of banking activities:

1) to attract loans on its own behalf on contractual conditions;

2) to grant the loans on the basis of the paid nature, urgency and recoverability;

3) to open and keep business bank accounts, participating in project implementations of Bank, and correspondent accounts in National Bank of the Kyrgyz Republic;

4) to render the consulting and information services connected with credit activities;

5) to make purchase and sale of foreign currency for the needs cash and non-cash payment;

6) to issue bank guarantees to the legal entities participating in projects implementation of Bank on paid basis.

2. Contractual documentation on each transaction in which the Bank participates includes specifying that obligations of Bank on transactions are not guaranteed by the Kyrgyz Republic and the Kyrgyz Republic does not bear liability for damages, suffered in connection with transaction.

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.