Support for SMEs through Baiterek Holding to hit nearly 2 trillion tenge
This year, the volume of support for small and medium-sized businesses (SMEs) through the Baiterek Holding reached nearly 2 trillion tenge, President of Kazakhstan Kassym-Jomart Tokayev said, Qazinform News Agency reports citing the Akorda press service.
Addressing the awarding ceremony for the laureates of the “Altyn Sapa” and “Paryz” Prizes, as well as the winners of the national contest “Best Product of Kazakhstan”, Kassym-Jomart Tokayev stressed the need to increase the effectiveness of state support measures for business. Enterprises capable of competing in export markets, using domestic raw materials, and transferring advanced technologies and innovations should be prioritized. This year, support for small and medium-sized businesses through Baiterek amounted to about 2 trillion tenge.
The Head of State highlighted the focus has shifted from direct subsidies to guarantee instruments. For this purpose, two guarantee funds have been created under the Damu Fund. One is for SMEs and another one for large investment projects. As a result, financing of 2,229 projects reached more than 400 billion tenge, including over 220 billion tenge backed by state guarantees.
Earlier, the President announced Kazakhstan’s GDP is forecast to exceed 300 billion US dollars for the first time.
