Skip to Content

Friday, September 18th, 2020

Kazakhstan to introduce in 2017 new microcredit tools for the self- and unemployed

Closed
by November 29, 2016 Legal

This was announced at the Government meeting focused on the draft program on the development of productive employment and mass entrepreneurship.

According to the Minister of National Economy Kuandyk Bishimbayev, the program on the development of productive employment and mass entrepreneurship provides for introduction of microlending of entrepreneurial activities in the cities, as well as ensuring microlending on the government part for the self- and unemployed, planning and implementing the projects in the cities.

Over 2,500 loans are planned to be provided annually, at least 20% of which will be given for start-up projects.

Microcredits will be available in the amount of up to 16 million tenge with a final interest rate of 6% for the opening of new micro-enterprises and the expansion of existing business. The operator will be Damu EDF JSC. The immediate issue of microcredits will be through the second-tier banks or microfinance institutions.

In accordance with the instructions of the Head of State, the Government has developed a new program on the development of productive employment and mass entrepreneurship. The program aims at providing the population with opportunity to increase their income by creating conditions for productive employment.

Productive employment is an activity that is not fictitious and provides workers with income that ensures decent living conditions.

Source: Government of the Republic of Kazakhstan

Previous
Next