Women make up half of entrepreneurs in Kazakhstan’s small business sphere

Photo: Women make up half of entrepreneurs in Kazakhstan’s small business sphere / Kazakhstan

Astana, Kazakhstan, March 11

By Daniyar Mukhtarov - Trend:

Every second entrepreneur in Kazakhstan's small business sphere is a woman, chairman of Damu Entrepreneurship Development Fund, Lyazzat Ibrahimova said on March 11 at a briefing in Astana.

"Women - individual entrepreneurs, account for over 49 percent in Kazakhstan," Lyazzat Ibrahimova said.

The mass entrance of women into entrepreneurship in the last 10 years is called a quiet revolution, according to the chairman.

"Today, Kazakhs have more opportunities to choose: to work for hire or for themselves. And women frequently chose the second option," Ibrahimova said.

Women go into business in the sphere which they received education and have knowledge, according to the chairman.

"There are many woman dentists and doctors in Kazakhstan, who had their clientele and began to create their own dental centers, to create their own specialized medical centers. There are many woman teachers who began to create their own educational centers," the Fund's head said.

Every third loan guaranteed by Damu Fund's has been issued to a woman entrepreneur, according to the Fund's head.

"Some 38 percent of the total number of projects got concessional loans in commercial banks and 33 percent of them got guarantee for loans. In other words, every third loan which has received Damu Fund's guarantee has been issued to a woman entrepreneur," Lyazzat Ibrahimova said.

The funds for issuing loans under the program of women's micro-crediting have been placed in commercial banks - partners of Damu Fund under certain conditions, Ibrahimova recalled.

"With this money, the banks can only finance the businesses owned or co-owned by a woman. The amount of the loan should not exceed 30 million tenge ($ 1=182.09 tenge), and the rate on the loan should not exceed 14 percent per annum," Ibrahimova said.
Damu Entrepreneurship Development Fund is one of 10 development institutes transferred to Baiterek holding. The fund's main aim is to develop the small and medium-sized business in Kazakhstan.

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.

Translated by L.Z.

Edited by C.N.

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