Profits of Kazakhstan’s Baiterek holding exceeds $160 million in 2013
Astana, Kazakhstan, May 22
By Daniyar Mukhtarov - Trend:
The net profit of Kazakhstan's Baiterek National Managing Holding made 29.4 billion tenge (over $160 million) as of 2013, Alina Aldambergen, the deputy chairman of the holding's board said.
She made the remarks on May 22, during the panel session 'The role of the Baiterek Holding in developing the economy of Kazakhstan' held as part of the 7th Astana Economic Forum.
The holding includes 11 subsidiary organizations with assets totaling $10 billion.
The Baiterek holding is involved in implementation of three state programs such as the Program of Accelerated Industrial and Innovative Development (PAIID -2), Affordable Housing-2020 and Business Road Map-2020.
"It is noteworthy that the holding has done great work since its establishment. It has financed around 280 projects of $8.5 billion; small and medium-sized business received about $4.3 billion worth loans and $400 million worth subsidies; over 213 development contractors received innovation grants ($52 million)," Aldambergen said.
She went on to add that over 63,000 Kazakh citizens were able to improve their living conditions by receiving over $1.2 billion worth loans from the holding and more than 100,000 jobs were created.
Baiterek National Managing Holding was established in accordance with a decree of the Kazakh president dated 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 the Development Bank of Kazakhstan JSC, Investment Fund of Kazakhstan, Housing Construction Savings Bank of Kazakhstan, Kazakhstan Mortgage Company, KazExportGarant, DAMU Entrepreneurship Development Fund, National Agency for Technological Development, Kazyna Capital Management, Distressed Assets Fund and Kazakhstan Mortgage Guarantee Fund.
Edited by C.N.