EBRD to allocate 8.61bln tenge to support Kazakhstan's business sector

The parties discussed the issues of cooperation in development of small and medium businesses, attraction of funding in national currency, housing construction financing, cooperation in developing and structuring investment projects, privatization of state assets and development of insurance products, the press service of the Holding informed.

Erbolat Dossayev pointed out the importance of enhancing mutually beneficial cooperation in investment and infrastructure projects, establishment of a regional office for distance learning of the representatives of SMEs, financial institutions and attraction of the EBRD’s experience in implementation of the plans on privatization of the Holding’s daughter companies.

According to Philipp Bennet, building a stable and inclusive economy is a key priority for the EBRD.  “The EBRD is ready to support Kazakhstani businessmen, provide more access to financing at the level of small enterprises and allocate loans in local currency,” he said.

The EBRD, the International Financial Corporation and LLP Kazakhstan Project Preparation Fund (daughter company of Baiterek Holding) have entered into a memorandum of mutual understanding at the meeting. The document aims at creation of a dialogue platform for joint search for, selection, structuring and implementation of conceptual approaches to joint implementation of industrial and infrastructure projects including those based on PPP principle.

One more subsidiary organization of Baiterek Holding – Damu Fund – has signed an agreement on allocation of 8.61bln tenge by the EBRD for the support of Kazakhstani business. The document was signed by Vice President of the EBRD Philipp Bennett, CEO of JSC BankCenterCredit Vladislav Lee and CEO of JSC Damu Entrepreneurship Development Fund Kanysh Tuleushin.

6bln750mln tenge of this sum will be spent on SME projects and 1bln860mln will be provided for Women in Business programme.