Astana, Kazakhstan, April 17
By Daniyar Mukhtarov - Trend:
Kazakhstan`s "Damu" entrepreneurship Development Fund" (the subsidiary of National Managing Holding Baiterek) and 13 second-tier banks of the country signed an agreement on 100 billion tenge ($1 - 182,03 tenge).
In accordance with the document, the second-tier banks should direct these funds within six months to entrepreneurs of small and medium-sized businesses which implement projects in the manufacturing sector, the statement said.
The report notes that 50 billion out of 100 billion tenge will be allocated to new projects of SME, including 25 billion tenge on food production (food industry projects), and the remaining 50 billion tenge will be used to refinance existing borrowers.
Baiterek National Managing Holding was established in accordance with a decree of the Kazakh president as of May 22, 2013. The purpose for establishing the holding was to promote the development and diversification of the economy, attract investments and to improve the corporate governance system in its subsidiaries.
The holding's trust management includes 10 state financial institutions such as the Development Bank of Kazakhstan, Housing Construction Savings Bank of Kazakhstan, KazExportGarant, DAMU Entrepreneurship Development Fund, National Agency for Technological Development, Investment Fund of Kazakhstan, Kazyna Capital Management, Distressed Assets Fund, Kazakhstan Mortgage Guarantee Fund and Kazakhstan Mortgage Company.
"Damu" entrepreneurship Development Fund" is one of the 10 institutes of development transferred to Baiterek holding. The main purpose of the fund is the development of SME in Kazakhstan.
Translated by S.I.
Edited by C.N.