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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 "Damu" Fund and Akimat of Almaty city will finance the food industry of megapolis on preferential terms

June 23, 2016 6:19 pm

The corresponding memorandum signed between the "Damu" Fund and Akim of Almaty. According to the document, Almaty сity Akimat and the "Damu" Fund on an equal basis will allocate 1 billion tenge for small and medium-sized businesses operating in the food industry on the program "Damu Onim". The funds will be allocated through second tier banks. Purpose of the loan - for the purchase of new and modernization of fixed assets and working capital.

Interest rate - 8.5% per annum. Maximum loan amount - up to 100 million tenge. Loan term - up to 84 months for the purchase of new and modernization of fixed assets, and up to 36 months - for working capital replenishment. The grace period on repayment of principal - not more than 18 months. Entrepreneurs, who have received funding under this program are eligible to use guarantee tool from the Fund if collateral is insufficient to the Bank.

"Today's agreement with the Akimat of Almaty is very important for megapolis in the creation of food belt and food security. The "Damu" Fund supported this idea and I think that such cooperation can handle a situation of producers in terms of sales of products, while city inhabitants will be provided with high-quality, environmentally friendly and relatively inexpensive products. On the other hand, such favorable terms on the loan - 8.5% per annum will increase the number of small and medium-sized enterprises in the city and the amount of their products. It also replenishment of taxes to the city budget, the preservation and creation of new jobs, "- reported Chairman of the Board of the Fund "Damu" Kanysh Tuleushin.

For reference: In 2015, the "Damu" Fund and Akimat of Almaty city have signed a Memorandum in the total amount of 4 billion tenge on the "Zhibek Zholy" program for entrepreneurs, who works in the field of trade, services and catering. It has been financed 77 projects for total amount of 4 billion tenge. It has saved 376 jobs and created about 350 new jobs. 7 second-tier banks participated in program. In 2016, upon the request of employers, the program was continued under the same conditions.