On March 10 under the chairmanship of the First Deputy Prime Minister of the Republic of Kazakhstan B.A. Sagintayev with the participation of independent directors of the "Damu" Fund Jannat Ertlessova, Oraz Zhandosov and Serikbay Bissekeyev a meeting of the Board of Directors of the "Damu" Fund were held, where 11 questions was considered.
First on the agenda of Board of Directors meeting considered the issue of approval of the program to support small and medium-sized enterprises engaged in the manufacturing sector (III tranche of the National Fund of the Republic of Kazakhstan).
Earlier on, it was decided by the Council on management of National Fund of the Republic of Kazakhstan to allocate 50 billion tenge to "Damu" Fund in 2015 for on-lending to small and medium-sized enterprises engaged in the manufacturing industry.
It was decided that the funds in the amount of 50 billion tenge will be directed for on-lending to entrepreneurs engaged in manufacturing sector, through second-tier banks under the following conditions:
- A loan of $ 1 850 million tenge up to 10 years,
- Nominal interest rate: not more than 6% per annum,
- Purpose of loan: for the acquisition, development and modernization of fixed assets, refinancing of loans, working capital financing.
"This program aims to stimulate the development of entrepreneurship and is one of the tools of the state program of development of industrial infrastructure "Nurly zhol" for 2015-2019 years. Funds from the National Fund allocated for concessional lending to small and medium-sized enterprises in the manufacturing industry. We expect that as a result of such lending in the sector of small and medium-sized enterprises more than 7,700 new jobs will be created, and the volume of produced Kazakh products will be increased by 835 billion tenge", - emphasized chairwoman of the board of the "Damu" Fund Lyazzat Ibragimova.
In addition, the Board of Directors approved the rules setting limits for counterparty banks on balance sheet and off-balance sheet liabilities in the new edition, valuation rules of performance and key performance indicators of the Corporate Secretary of the "Damu" Fund.
All questions have been previously reviewed and approved by the Board and the relevant committees of the Board of Directors of the "Damu" Fund.