Kazakh SMEs receive US$ 386 million as part of anti-crisis program

Kazakh SMEs receive US$ 386  million as part of anti-crisis program

The press office of the Kazakhstan Sustainability Fund reported that the Kazakh businesspeople received concessional loans at the interest rate of maximum 8 percent per annum and for up to 12 months as part of the state small and medium-sized enterprises support program. By now, the banks of Kazakhstan granted loans that amounted to 160 billion tenge (US $ 386 mln) to the 1,116 small and medium-sized enterprises. The representatives of wholesale and retail trade, as well as manufacturing and construction industries were among the top three sectors that received the soft loans.

The concessional lending program was initiated by President of Kazakhstan Kassym-Jomart Tokayev due to the COVID-19 pandemic and its negative impact on the national economy. The National Bank of Kazakhstan allocated 600 billion tenge (US$1.449 billion) to support small and medium-sized entities and individual entrepreneurs affected by the nationwide state of emergency.

The SMEs support program is implemented by the Kazakhstan Sustainability Fund together with the Kazakh Agency for Regulation and Development of the Financial Market and 12 banks of the country.

 

 

Photo: kursiv.kz​