«Baiterek» National Managing Holding JSC and its subsidiary Development Bank of Kazakhstan JSC are working on developing tools to support medium-sized business projects. In particular, the formation of new mechanisms for providing guarantees for loans to medium-sized businesses in second-tier banks continues.
DBK presented the projects of the proposed new mechanisms at a round table at «Baiterek» Holding, with the participation of representatives from the STBs, the Ministry of National Economy, the Ministry of Finance, the Agency for Regulation and Development of the Financial Market, and the Association of Financiers of Kazakhstan.
«In accordance with the instructions of President Kassym-Jomart Tokayev, the Bank has begun developing measures to support medium-sized businesses by providing new guarantee mechanisms for second-tier banks. Our goal is to expand these mechanisms to ensure medium-sized businesses' access to banking resources when financing priority investment projects», noted Marat Yelibayev, Chairman of the Management Board of DBK, in his opening remarks.
In turn, Zhanat Ansaganova, Managing Director of the Bank, presented various options for guarantee mechanisms to the meeting participants. The results of implementing new guarantee approaches with government support will include expanding medium-sized businesses' access to long-term credit resources, which will contribute to the development of the non-commodity sector of the economy and the creation of infrastructure supporting economic growth. Additionally, it will generate socio-economic benefits such as the creation of new jobs and increased tax revenues to the budget.
Following the presentation, a joint discussion of the proposed guarantee mechanisms by the Bank took place, and it was agreed that further work on finding and improving lending instruments for medium-sized businesses would continue.
It is worth noting, that the meeting was attended by representatives from the Ministry of National Economy of the Republic of Kazakhstan, National Managing Holding «Baiterek» JSC, the Association of Financiers of Kazakhstan JSC, Bank CenterCredit JSC, Bank RBK, ForteBank JSC, Jusan Bank JSC, Industrial & Commercial Bank of China (Almaty) JSC, Halyk Bank JSC, AB «KZI Bank JSC, VTB Bank Kazakhstan JSC, Eurasian Bank JSC, Bereke Bank JSC, and Nurbank JSC.
