Zhanaozen entrepreneurs expect preferential loans
Kazakhstan, Astana, Jan.11 / Trend L.Podolyak /
In the first day of the Entrepreneurship Development Fund's work in the Kazakh town of Zhanaozen, 36 entrepreneurs whose business suffered during the mass riots on Dec.16 applied for preferential loans, the fund reported.
Loans are given under the special plan of entrepreneurship development for 2012-2014. According to the document, legal entities will be given preferential loans at 0.1 per cent interest per annum and for individuals loan will be interest-free.
The maximum amount of credit will be 5 million tenge (around $34,000) for one borrower without collateral security and 10 million tenge (around $67,000) for one borrower with collateral security.
Since businessmen need time to restore their current activity a 6-month preferential term to repay principal debt on loan will be given, the Entrepreneurship Development Fund reported. The total amount of funds intended for lending entrepreneurs of Zhanaozen is 600 million tenge.
Mass riots hit the Kazakh oil town of Zhanaozen on Dec.16 killing 16 and injuring more than 100 people. Buildings and cars were burned and property of individuals and legal bodies destroyed. Kazakh President Nursultan Nazarbayev declared a state of emergency in Zhanaozen until Jan.31.