BAKU, Azerbaijan, March 29. Kazakhstan allocates 2.8 billion Kazakh tenge ($6.17 million) for the purpose of granting preferential loans to young entrepreneurs in Astana, Yearlan Zhusupov, Deputy Head of the Department of Employment and Social Protection of Astana, said, Trend reports, citing Kazakh media.
He added that 562 young entrepreneurs are expected to receive preferential loans in the framework of the program.
People between the age of 21 and 35 are eligible to apply for the program. The loans will be issued with a tenure of up to five years. The interest rate is set at 2.5 percent per annum, while the loan cannot exceed 5 million Kazakh tenge (around $11,000).
Zhusupov noted that the grace period is set for the one-third of loan duration. He also noted that collateral must be placed to receive the loan.
The soft loan program was approved in early January. Eventually, the program will cover every city in Kazakhstan.