Due to the closure of the Madina market and its relocation to the new Ala-Tooo site, stall owners are facing financial risks. Instead of ownership of the containers they purchased for tens of thousands of dollars, they are only being offered rental options at the new location.
Risks of losing investments and loans
Many entrepreneurs have spent years paying property taxes and taking out large bank loans to purchase trading spaces. Now, due to the change in operating conditions, they fear not only losing their source of income but also being left with outstanding debts.
Among those affected are people who invested all their savings into their businesses. For instance, entrepreneur Gulmira Syrymbetova, who has worked at the market for about 15 years, sold her house to purchase a stall to provide for her children.
"Due to health problems, I was receiving a benefit of 250 som. It wasn't enough for anything. I took a risk, sold my home, and used the proceeds to buy a stall at Madina. [...] Now they are telling us to leave. But where? What will happen to the containers we bought?"
Another trader, Venera Makhmutova, who has worked at the market since 2013, also acquired a stall through significant financial obligations to a bank.
Context
Madina market is a trading site in Bishkek. The new Ala-Tooo site is intended to accommodate entrepreneurs relocating from the closing market.
