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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

"Damu" Fund launches micro financing tool for SME as well as financing of factoring transactions

February 22, 2016 6:51 pm

This was announced by Chairman of the Board of the "Damu" Fund Kanysh Tuleushin during Republican forum of entrepreneurs "Government support tools for small and medium-sized businesses", which was held in Almaty on 22 February. Forum was organized by the “Nur Otan” party and the "Damu" Fund.

The speakers at the forum were the Chairman of the Board of the "Damu" Fund Kanysh Tuleushin, the candidate from 6th electoral district, rector of Kazakh State Woman’s Teacher Training University Dinar Nuketayeva, deputy chairman of the National ICH Protection Committee (Intangible Cultural Heritage) Khanzada Yesenova, the candidate from the 3rd electoral district, advisor of National Chamber of Entrepreneurs of the Republic of Kazakhstan “Atameken” Arthur Kotenyov.

According to Kanysh Tuleushin currently "Damu" Fund have signed deals in the total amount of 90 billion tenge (US $ 348 million...) - it is an investment by the Asian Development Bank, European Bank for Reconstruction and Development.

The Fund is planning to introduce new directions of support for SMEs: SMEs micro-financing tool and financing of factoring transactions by the virtue of private investments.

"It is planned to allocate 1 billion tenge from the “Damu” Fund for SMEs micro-financing. In addition to that, the Asian Development Bank allocates $ 40 million, - Kanysh Tuleushin said. – Also together with the European Bank for Reconstruction and Development we are working on raising funds under the guarantee of "Damu" Fund for "KazMicroFinance" company in the amount of US $ 10 million.

Financing of factoring transactions is a new and growing trend in the market of Kazakhstan. In 2016 "Damu" plans to run the program of funding factoring companies and attract finance from foreign partners – there are some interest expressed by the World Bank and the Asian Development Bank.

Expansion of the product line of the "Damu" Fund will positively affect the development of small and medium-sized businesses, and improve the business climate in the country. Head of "Damu" Fund outlined that these initiatives would not be possible without the huge army of the members of the “Nur Otan” party, who are always in favor for comprehensive support of domestic business and the availability of funds for SMEs. Legislative initiatives in support of SMEs initiated by party create favorable conditions for business. In terms of information and propaganda support “Nur Otan” party carries out the action "How to organize the business", where together with the "Damu" Fund hosts so-called "United reception day of entrepreneurs."

"Such meetings are effective and useful for entrepreneurs in terms of orientation in state programs - said Kanysh Tuleushin. - Also, they help to identify the problem, which later become the basis for positive changes in the legislation. "