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The 5th Business Forum of Conference on Interaction and Confidence Building Measures in Asia (CICA), 10-11 of November 2016, Astana, Kazakhstan

Board of Directors has reviewed performance of Damu Fund

September 24, 2014 6:18 pm

The Board of Directors of Damu Fund has reviewed the information on the performance of Damu Fund. In the first half of 2014, as part of the Roadmap for priority measures of socio-economic policy of the Republic of Kazakhstan for 2014, the funds from the National Fund of the Republic of Kazakhstan in the amount of 100 billion tenge were place in the second-tier banks through Damu Fund to support small and medium-sized business projects in the manufacturing industry. At present, under the SMEs financing program in the manufacturing sector through the National Fund, 403 projects, worth 85,9 billion tenge, have been approved and 329 projects worth about 70 billion tenge have been financed.

This year the Fund has received the sovereign (BBB+) credit rating, allowing to expand the sources of funding for small and medium-sized businesses.

This year Damu Fund has done extensive work by opening 161 of Entrepreneurship Support Centers in regional centers and small towns.

Young Entrepreneur’s Schools were established in all regions of Kazakhstan in order to promote youth entrepreneurship.

The Fund took second place among the most active users in the G-Global Project that was part of the VII Astana Economic Forum, and it held a panel session on Entrepreneurship called “Competitive businesses in a competitive economy”.

As is known, Damu Fund is one of the key executors of the Business Road Map-2020 Program, acting as a financial agent for interest rates subsidization and loan guaranteeing, and as the operator of the 4th course – “Enhancing entrepreneurial potential”.

During the first half of 2014, under the interest rates subsidization instrument, 610 subsidization contracts were signed with entrepreneurs for the total amount of loans 86,2 billion tenge, while subsidies amounted to 12,8 billion tenge.

Under the loan guarantee instrument, 113 contracts were signed with entrepreneurs guaranteeing loans totaling 3,3 billion tenge, while the amount of guarantees amounted to 1,3 billion tenge.

The Fund ensured introduction of amendments to the BRM-2020 Program, allowing to grant guarantees to young entrepreneurs without sectoral restrictions.

It should be noted that the Board of Directors of Damu Fund has approved for the Regulation on the Credit Committee of Damu Fund. Establishment of the Credit Committee will expedite the process of decision-making on issue of guarantees for projects with the loan amount under 60 mln. tenge, as part of the BRM-2020 Program.

The Board of Directors of Damu Fund has also reviewed the risks identification report and has approved the Risk Appetite Method for operational and legal risks, the Method for the Internal Audit Service Strategic Plan Development for three years, and other.