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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 and Akimat of Almaty region have signed a Memorandum for a total amount of 3 bln. tenge.

February 24, 2016 6:08 pm

According to the memorandum, the Akimat of Almaty region will allocate 1 billion tenge, while the "Damu" Fund - 2 billion tenge for the implementation of the program of regional financing of small and medium-sized businesses. The funds will be allocated through second tier banks. According to the program, there is no sectoral restrictions for areas of Almaty region. Purpose of the loan - for the purchase of new and modernization of fixed assets as well as entrepreneurs’ working capital financing.

The maximum loan amount is - 150 million tenge. Interest rate - 7% per annum. Loan term - up to 84 months with a grace period of principal repayment - no more than 24 months, on repayment of interest rate - no more than 12 months. Businesses that have received funding under this program are eligible to apply for participation in the "The Unified Program of Support and Business Development "Business Road Map - 2020", as well as other "Damu" Fund’s programs in order to obtain guarantee from the Fund.

"The program of regional financing of small and medium businesses through second-tier banks are well-proven in Astana and Almaty. For instance, in Astana we realizes the program «Astana ZhasStart» in cooperation with the capital’s Akimat.

At present, already 227 million tenge provided on concessional terms with interest rate -7% per annum to 15 project of young, first-time entrepreneurs of Astana city. Thirty projects in the amount of 440 million tenge are at the stage of approval at second-tier banks. Another 17 project with a total sum 17 317.5 million tenge are pending.

We are implementing a program "Zhibek Zholy" for a total amount of 4 billion tenge in cooperation with Akimat of Almaty city.

Today already 59 projects financed in the amount of 3.093 billion tenge. The program "Zhibek Zholy" arouse Almaty’s entrepreneurs interest in result of which they are requesting to prolong the program and provide additional funds, since entrepreneurs demand for concessional financing exceeds supply.

At present 27 projects in the amount of 1.5 billion tenge approved and considered. I believe that such programs have the impact on promoting the development of SMEs in the region, creating new jobs as well as production of domestic goods and services ", - reported the head of the Fund Kanysh A. Tuleushin.

In addition to Astana and Almaty, regional financing programs operate in Aktobe region, it is planned by the "Damu" Fund to sign a Memorandum with Akimat of South Kazakhstan and Kyzylorda regions.