BAKU, Azerbaijan, May 11. Kazakhstan plans to raise the concessional financing for investment projects in the processing industry to one trillion Kazakh tenge ($2.2 billion), Kazakhstan's Prime Minister Alikhan Smailov said at the 11th Forum of Kazakhstan Machinery Manufacturers, Trend reports via the PM's Office.
"This year, we have provided 500 billion Kazakh tenge ($1.1 billion) for concessional financing of investment projects in the processing industry, including those related to the modernization of production, through the Development Bank of Kazakhstan and the Industrial Development Fund," said the prime minister.
According to him, as of today, projects worth more than 200 billion Kazakh tenge ($450 million) have already been approved.
"We plan to increase this financing to a trillion Kazakh tenge ($2.2 billion) this year, which will be a significant support," Alikhan Smailov added.
He added that as part of the "Business Roadmap" [State Business Support and Business Development Program] and "Economy of Simple Things" [which focuses on the domestic market] programs, interest rates are subsidized, guarantees on bank loans are provided, and the construction of the missing infrastructure is financed.
"This year we plan to subsidize more than 12,000 projects of small and medium-sized businesses in the processing industry in the amount of about 520 billion Kazakh tenge ($1.1 billion). It is planned to provide guarantees for about 12,000 more projects worth 400 billion Kazakh tenge ($900 million)," Smailov said.