Kazakhstan to offer more support to COVID-affected businesses
BAKU, Azerbaijan, Sept. 1
By Nargiz Sadikhova - Trend:
State subsidies on interest rates will be offered to SMEs in Kazakhstan within the framework of COVID-related support measures, Trend reports with reference to the press office of Kazakhstan’s president.
The corresponding order was given on Sept. 1, 2020 by Kazakhstan’s President Kassym Jomart Tokayev during his address to the people.
The subsidies will cover the period of 12 months starting from introduction of an emergency state in the country, i.e. March 16, 2020.
“The National Bank is also implementing a special working capital replenishment program for SMEs operating in the sectors most affected by COVID-19. The program was to be completed this year, however taking into consideration current situation I instruct to extend this program until the end of 2021, as well as expand its coverage,” Tokayev said.
Tokayev said that additional 800 billion tenge ($477.7 million) are to be allocated for the program’s implementation bringing the overall value of funds to 800 billion tenge ($1.9 billion).
Tokayev also instructed to suspend the charging SMEs on rent of real estate objects until the end of the year.
“I am instructing to develop a new regulatory framework for SMEs within the next year. I also instruct the government to launch an export acceleration program aimed at medium-sized non-commodity enterprises in order to provide targeted support,” he said.
Tokayev said the result of the measures on SMEs support is to be increase of its share in overall country’s GDP to 35 percent by 2025.
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