‘Damu' Fund to allot 100M tenge to develop SME in Ridder

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UST-KAMENOGORSK. KAZINFORM - 100 million tenge (KZT) will be allotted for small and medium business of Ridder, the single-industry town in East Kazakhstan region, as per the agreement signed between JSC "Damu" Entrepreneurship Development Fund" and akimat (administration) of the region, Kazinform correspondent reports.

"This is the first time we sign a credit agreement with a single-industry town on earmarking for SME. Despite the fact it is a small sum of money - 100 million tenge allotted by the administration of Ridder and "Damu" Fund on parity basis - it shows that the SME sector is developing robustly in single-industry towns. Small enterprises and their stable position means Ridder will get extra tax, preserve existing workplaces and create new ones," Miras Beisembayev, Deputy Chairman of "Damu" Fund, said after the signing ceremony.

One entrepreneur can loan up to 30 million tenge for a period of 84 months. Money will be allotted through second-tier banks.

Funds will be mainly earmarked for SME in the following sectors: forestry, fishery, food and apparel production, construction of nonresidential buildings and more.

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