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Friday, September 20th, 2019

Financing of micro-loans under the Productive Employment Program to begin in full in May

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This was reported by Minister of National Economy Timur Suleimenov at the Government meeting chaired by Prime Minister Bakytzhan Sagintayev.

Within the framework of the program, micro-loans will be provided in the amount of up to 8 thousand MCI (18 million tenge) for up to 7 years with the final interest rate of no more than 6%. In cities, micro-loans will be issued by JSC FED Damu. 10 billion tenge is allocated for microcrediting of entrepreneurial activity in cities.

Guarantees will be provided in up to 50% of the cost of micro-loans for existing entrepreneurs and up to 80% for start-up entrepreneurs.

As the Minister noted, JSC FED Damu will act as the guarantor of the state in cities. 1.2 billion tenge is provided for guaranteeing microcredits.

To date, relevant limits on funds from the local budget in accordance with the established procedure are determined by local executive bodies. Relevant conditions for budget lending have been determined for the funds allocated from the National budget by the decision of the Government of the Republic of Kazakhstan dated March 31, 2017, before the end of April this year, the funds will be received by local executive bodies, � T. Suleimenov said.

The relevant rules regulating the procedure for microcrediting and guaranteeing were adopted by the departmental order of the Ministry in January 2017 and registered with the Ministry of Justice in accordance with the established procedure.

Rural start-up entrepreneurs will have the opportunity to undergo an adapted training course on the basics of doing business under the Bastau Business project.

For promoting the program, in Service Centers of Entrepreneurs and Entrepreneurship Support Centers in all regional centers of the country � Akimats together with JSC FED Damu conducted targeted consultations with start-up entrepreneurs, organized seminars-meetings, placed information and reference materials in the National and regional media.

Recall, today the Government meeting discussed the course of implementing the Productive Employment and Mass Entrepreneurship Program.

Source: Government of the Republic of Kazakhstan

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