Implementation of BSC in the SASPM Pilot Project
Implementation of BSC in the SASPM Pilot Project
Keremet Bank has joined a pilot project by the State Agency for State Property Management under the Cabinet of Ministers of the Kyrgyz Republic aimed at introducing the Bank Contract Support (BSC) mechanism into the procurement processes of state and municipal enterprises.
In 2024, the Cabinet of Ministers decided to systematize the procurement of state and municipal enterprises. SASPM was designated as the authorized body for implementing this project.
Keremet Bank is one of the authorized banks participating in the pilot project. Currently, the bank is actively collaborating with other project participants to ensure the successful integration of BSC into the procurement system. Additionally, the bank provides consultancy services to all interested state enterprises.
Bank Contract Support involves ensuring that an authorized bank, under a Bank Support Agreement, provides:
- Payment processing;
- Monitoring of settlements made by suppliers and other parties in connection with the fulfillment of the specified contract;
- Monitoring of transactions through a dedicated account opened in the authorized bank to oversee targeted fund utilization;
- Informing procurement organizations about the results of contract monitoring.
Objectives of BSC in public procurement:
- Ensuring the targeted use of state budget funds;
- Minimizing financial and tax risks for procuring organizations;
- Enhancing transparency in contract execution for public procurement.
Keremet Bank – The Bank of Opportunities!
