Retirement assets to be spent on SMEs support on a repayable basis
ASTANA. KAZINFORM The investment of the retirement assets of the Unified Accumulative Pension Fund in financial instruments of quasi-governmental sector and second-tier banks of the country is carried out on a repayable basis as per market interest rates, Kazinform learnt from the National Bank's press service.
"The reserves of the Unified Accumulative Pension Fund will be spent on financing several projects in Kazakhstan, as is investing in financial instruments of the second-tier banks of the country on a repayable basis. It means, that these funds will be used for financing small and medium businesses' working capital and refinancing loans," a press-release reads.
The Entrepreneurship Development Fund Damu was assigned to monitor the utilization of the invested retirement reserves by the second-tier banks.