LAW OF THE KYRGYZ REPUBLIC

of August 9, 2012 No. 161

About National bank of development of the Kyrgyz Republic

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.

Shareholder of Bank is the Cabinet of Ministers of the Kyrgyz Republic. The Cabinet of Ministers of the Kyrgyz Republic has the right to delegate the powers to state bodies.

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. On Bank operation of the Law of the Kyrgyz Republic "On banks and banking activity" and regulatory legal acts of National Bank of the Kyrgyz Republic does not expatiate.

3. The Cabinet of Ministers of the Kyrgyz Republic establishes for Bank economic standard rates and requirements, including regarding forming and provision of the reporting.

4. In the part which is not settled by this Law, the Bank is guided by the legislation of the Kyrgyz Republic regulating activities of joint-stock companies and internal acts of Bank.

5. In collision cases between regulations of this Law and regulations of other laws of the Kyrgyz Republic regulations of this Law are applied.

Article 3. Purpose of Bank

Main objective of activities of Bank is diversification and priming of economy of the Kyrgyz Republic.

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.

Guarantee funds have the right to provide guarantees for part of the obligation of the applicant to Bank on the credits of small and medium business, as an exceptional case - according to the recommendation of the Cabinet of Ministers of the Kyrgyz Republic.

6) opens accounts in commercial banks and other financial organizations;

7) participates in the authorized capital of legal entities according to the internal acts of Bank approved by the Board of directors of Bank;

8) performs investing activities.

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 bank does not need receipt of the license for the right of banking operations and observance of requirements of the bank law of the Kyrgyz Republic. The National Bank of the Kyrgyz Republic does not exercise supervision and regulation of activities of Bank.

2. Means of Bank can be placed on the special account in National Bank of the Kyrgyz Republic for storage and repayment of obligations of Bank on foreign currency loans, and also in national currency for replenishment of the authorized capital of Bank.

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 transaction types:

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 correspondent account in National Bank of the Kyrgyz Republic;

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

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