BAKU, Azerbaijan, Aug. 4
By Nargiz Sadikhova - Trend:
VTB Bank in Kazakhstan has increased funding volume to 10.1 billion tenge ($24.4 million) within the framework of Kazakhstan’s state entrepreneurship support programs, representative of VTB Bank in Kazakhstan told Trend.
The bank said that currently, it takes part in 17 state programs aimed at supporting entrepreneurship, including the program of the Kazakhstan Sustainability Fund JSC aimed at supporting entrepreneurs affected by the COVID-19 pandemic.
“Within this program, VTB Bank in Kazakhstan disbursed the allocated funds in the amount of 9 billion tenge [$21.4 million] ahead of schedule for concessional lending to small and medium-sized businesses at a rate of 8 percent per annum. Due to the fact that some of the bank's clients have already begun repaying these loans, the bank managed to re-direct these funds to implement the program and increase the amount of financing to 10.1 billion tenge [$24.04 million], providing support to 23 clients,” the bank’s official said.
The official also noted that thanks to the concessional lending program, entrepreneurs from spheres such as wholesale trade, production and sale of construction materials, warehousing and storage of non-food products, retail trade in cars and others, received support.
In addition, the bank official said, VTB Bank in Kazakhstan continues supporting entrepreneurs within the framework of the Business Roadmap 2025 state program.
“VTB subsidized 525 projects worth 59 billion tenge [$140.4 million]. Changes to the Business Roadmap 2025 were also introduced this year making it much easier for the clients to obtain financing on favorable terms,” the bank official said.
VTB Bank JSC (Kazakhstan) is a member of the VTB international financial group. The Bank has been successfully operating on the financial market of Kazakhstan for 10 years already. To date, Subsidiary VTB Bank JSC (Kazakhstan) has a branch network, consisting of 17 affiliates, located in all regions of the country.
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