Baiterek Holding allocates 800 mln dollars for second-tier banks

The program aims to stimulate the financing of industrial-innovative development of Kazakhstan. Program envisages phased providing loans to STB totaling up to $ 800 million: in the first stage there will be located 45 billion tenge. Subsequently, these funds will be given to private businesses for a period of 5 years with interest rate of not more than 11.5 % per annum (currently the average market rate on such loans is 13%). Amount of loans to private businesses range from 1 to 4.5 billion tenge.

"Financial resources are placed in the STB will be issued to business entities for implementation of investment projects and export operations, as well as working capital. The basic approach to working with STB will become non-interference in their internal procedures and lending process with the lender. STB will independently take full responsibility for decision-making risks. Lender of the Program will be "Development Bank of Kazakhstan" JSC (DBK), and the Agent, i.e. the program monitor, will be "Damu" Fund", the press release reads.

It is important to note that the financial resources that the DBK is now investing in the real sector, will reduce the lack of investment in priority sectors of SPAIID (State Program of Advanced Industrial and Innovatove Development). By the Holding's estimates, until 2019 this deficit, given the difficult situation with STB, can make about $ 10-12 billion, said Kuandyk Bishimbayev, the head of the Holding.