On December 25, 2014, with the participation of independent members of the Board of Directors of the "Damu" Fund Zhandosov A.O. and Bissekeyev Zh. S., a meeting of the Board of Directors of the «Damu» Fund chaired by the Deputy Prime Minister of the Republic of Kazakhstan Sagintayev A.B. was held, where a positive decision on 25 issues was approved.
"Damu" Fund is constantly working to improve corporate governance in the framework of a common policy defined by the sole shareholder of the "Damu" Fund JSC "National Management Holding "Baiterek".
The first agenda of the meeting addressed the issue of raising funds for on-lending to private entrepreneurs under the guarantee of the "Damu" Fund.
It is decided that European Bank for Reconstruction and Development (EBRD) increases the support of the private sector in Kazakhstan with a loan in the amount of KZT 10 billion for five years to Bank CenterCredit (BCC) for on-lending to micro, small and medium enterprises (MSMEs) in Kazakhstan.
"Participation of the "Damu" Fund in MSME financing program in Kazakhstan is carried out for the first time in the history of the activities of our Fund, is an indicator of the highest trust of the EBRD and demonstrates a high level of professional development of "Damu" Fund for more than 15 years of its activity. Let me remind you that this year the Fund received an international credit rating at the level of the sovereign rating of the Republic of Kazakhstan, which made the Fund attractive for foreign and domestic investors. Already we see the results: without using the state guarantee, the EBRD under the corporate guarantee of «Damu" Fund allocates money to commercial banks of Kazakhstan. We expect that the deal with BCC is the first sign in a series of further placement of EBRD credit in Kazakhstan for long-term cooperation between the Fund and EBRD ", - said chairwoman of the board of the "Damu" Fund Lyazzat Ibragimova.
In addition, the Board of Directors reviewed the results of operations of the "Damu" Fund for 9 months of 2014.
Over the reporting period in order to support projects of small and medium-sized businesses in the manufacturing industry through "Damu" Fund placed funds from the National Fund of the Republic of Kazakhstan in the amount of 100 billion tenge in banks within a framework of the Roadmap priority measures of socio-economic policy of the Republic of Kazakhstan for 2014. 443 projects in the amount of 100 billion tenge were approved at the expense of the National Fund according to the SMEs financing program in the manufacturing sector.
As it is known, the "Damu" Fund is one of the key executors of the program "Business Road Map 2020", acting as a financial agent of subsidizing interest rates and loan guarantee, as well as the operator of the 4th direction "Enhancing entrepreneurial potential."
During the first 9 months of 2014 according to interest rates subsidy tool 1153 loan subsidy contracts signed with entrepreneurs totaling 155.4 billion tenge.
According to the loan guarantee tool 259 loan guarantee contracts signed with businessmen totaling $ 9.5 billion t enge. Guarantees issued 1.7 times more than in the first 9 months of 2013.
Also, the map of the key performance indicators of executives of "Damu" Fund for 2015, list of key risk indicators in the context of business processes, risk assessment techniques for express–guarantees projects of “Damu" Fund, "Damu" Fund’s temporarily free cash management regulation, Regulations on confidential information, the Annual audit Plan and others was approved by the Board of Directors of the "Damu" Fund.
The next meeting of the Board of Directors of the "Damu" Fund will take place on January 2015.
The Board of Directors has overall management of the "Damu" Fund and consists of 8 members, 3 of which are independent directors. The Board of Directors considers and makes decisions on matters within the Charter of the "Damu" Fund the exclusive competence of the Board of Directors. All questions have been reviewed and approved in advance by the Management and Committees of the Board of Directors of the "Damu" Fund.