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Amount of financial support of Kazakh manufacturing sector by Baiterek holding increases

Business Materials 26 February 2021 22:00
Amount of financial support of Kazakh manufacturing sector by Baiterek holding increases

BAKU, Azerbaijan, Feb. 26

Trend:

The changes to the Charter of the Baiterek National Management Holding JSC, as well as the investment policy for 2020 were considered at a meeting of the Board of Directors of the Baiterek National Management Holding chaired by Kazakh Prime Minister Askar Mamin, Trend reports citing the Kazakh government.

As part of the implementation of the message of the president to the Kazakh people dated September 1, 2020, Baiterek National Management Holding was reorganized by joining KazAgro national management holding JSC.

In this regard, the main goals and subject of the company's activity in the charter of the Baiterek holding have been supplemented by the implementation of state policy to stimulate the development of the country's agro-industrial complex.

The meeting participants made a decision to raise additional funds by issuing bonds of the holding in the amount of 50 billion tenge ($11 billion) for 10 years.

The received funds will be directed to the Industrial Development Fund JSC for leasing financing of fixed assets of the country's enterprises.

The subsidiaries of the Baiterek holding supported the enterprises of non-resource sectors of the economy worth 1.2 trillion tenge ($287 billion) in 2020.

Compared to the previous year, the volume of financial support increased by 177.7 billion tenge ($42 billion) or 21 percent.

Over 20,000 business entities were provided with 799.8 billion tenge ($1.91 billion) to develop the private sector of the economy in 2020.

The results of the implementation of the Action Plan to improve corporate governance for 2019-2020, the results of the independent assessment of corporate governance were also considered at the meeting.

The report on the risks of Baiterek National Management Holding for the fourth quarter of 2020 and the report of the Internal Audit Service for the same period were approved.

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