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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

The inexpensive loans for business development were obtained by entrepreneurs from Almaty city

March 20, 2015 6:54 pm

Agreement on cooperation in the framework "Zhibek Zholy" program for regional financing of private enterprises was signed between Entrepreneurship Development Fund "Damu" (subsidiary of JSC "National Holding "Baiterek") and Akimat of Almaty city as was announced today at a briefing.

The main objective of the signed document - is to provide entrepreneurs from southern capital with inexpensive credit resources, the preservation of existing and creation of new permanent jobs, as well as an increase in tax revenues to the regional budget – as was stated by the director of the regional branch of the EDF "Damu" in Almaty Gulzat Simtikova. The document provides financial assistance to entrepreneurs engaged in the fields that make up the basic infrastructure of the city - a trade and service, as well as other industries that are not included in the program "Business Road Map 2020" (list attached).

The maximum loan amount does not exceed 180 million tenge per borrower, and the nominal interest rate - up to 7% per year.

According to the contract for lending to small and medium-sized enterprises of Almaty city, the financial resources will be allocated on the terms of co-financing from the city budget in 50/50; 2 billion tenge from the budget of the southern capital, and the remaining part - 2 bln. - there are own funds of the “Damu” Fund. Thus, the total amount of funding will be $ 4 billion tenge.

Currently, the “Damu” Fund creates a pool of potential banks - participants of the program. At present, the consent was given by four Kazakhstani banks.

The "Damu" Fund will be engaged in monitoring of program within one year after the issuance of the loan. All information on monitoring, creating jobs and paying taxes will be provided to Akimat. Also, this information will be posted on the website of the “Damu” Fund, so that everyone can see who was really able to take advantage of this program - quantitatively, total, purposes.