KDIC to help Kyrgyzstan establish deposit insurance program

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The Korea Deposit Insurance Corp. (KDIC) will help Kyrgyzstan launch a deposit insurance program, following a comprehensive analysis including feasibility, the state-run deposit insurer said Friday.

"The necessary procedures are underway to help Kyrgyzstan lay the groundwork to set up the advanced financial service," a KDIC official said.

The Central Asian nation is the fourth country to receive KDIC assistance ― better known as the Knowledge Sharing Program (KSP) ― following Mongolia, Tanzania and the Philippines.

Under the program launched in 2010, the KDIC shares experience and knowhow on the management of deposit insurance funds, risk management and resolution of insolvent financial institutions.

Upon approval from the Ministry of Economy and Finance for budget allocation, specific assistance will each be provided from the Korea Development Institute (KDI), Export-Import Bank of Korea (Eximbank) and the Korea Trade-Investment Promotion Agency (KOTRA).

A team of KDIC officials will visit the country three times a year for on-site inspections, and will organize training programs in Korea to help foreign officials with hands-on experience.

"A large part of the country's institutional framework including the relevant IT infrastructure and emergency response manual followed careful and exhaustive reflection of the fallout from the aftermath of the 1997 Asia Financial Crisis and 2011 fiasco involving savings banks," the official added.

"Other developing nations will be able to take lessons from our experience and knowhow," he added.

Source: http://www.koreatimes.co.kr/www/biz/2019/10/513_276632.html

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