Tengrinews TV Радио Tengri FM Радио Жұлдыз FM Laws of Kazakhstan
Write us +7 (727) 388 8020 +7 (717) 254 2710
искать через Tengrinews.kz
искать через Google
искать через Yandex
USD / KZT - 319.42
EUR / KZT - 400.04
CNY / KZT - 50.35
RUB / KZT - 5.66

$800 million to be invested into second-tier banks by Baiterek Holding

31 декабря 2013, 17:30
Baiterek National Managing Holding, responsible for the State Program of Accelerated Innovative and Industrial Development, will channel $800 million into second-tier banks of Kazakhstan, Tengrinews reports referring to the press-office of the holding. The funds will be invested through its branch organization, the Development Bank of Kazakhstan (DBK).

President Nazarbayev initiated Baiterek National Managing Holding in May 2013 to enhance industrialization of the country, drive the local and foreign investments to partake in the industrial sector and to support entrepreneurship.

Kuandyk Bishimbayev, the Chairman of the Holding, admits that $800 million cannot solve the economic issues of the Kazakhstan industrial sector. However, Mr. Bishimbayev believes, the investments will have a positive effect on the industrialization of the country. “Our program solves several issues at the same time: businesses will be granted loans, banks will have more liquidity and the country will benefit from enhanced economic development and taxes. Besides, we will solve the problem of excess red tape in the Development Bank of Kazakhstan (…),” said Mr. Bishimbayev.

The project will enable the Development Bank of Kazakhstan to optimize its work by transferring some of its responsibilities straight to the second-tier banks. According to the Chairman, the Development Bank of Kazakhstan will not have to spend time evaluating projects and keeping the businessmen waiting while the money are slowly depreciating in its “piggy bank”. From now on, the second-tier banks will be responsible for the project evaluation to optimize the funding of businesses. The Development Bank of Kazakhstan will only focus on the major investment projects worth over $30 million.

Damu Fund, owned by Samruk-Kazyna, will monitor the correct usage of the investments. “We consider this a synergy of development institutions. It is important to note that the financial resources we invest into the real sector of the economy will enable us to lower the deficit of investments in prioritized sectors of the State Program of Accelerated Innovative and Industrial Development. By our estimates, considering the difficult situation in second-tier banks, this deficit might reach $10-12 billion by 2019,” said Mr. Bishimbayev.

The program will be implement in phases. During the first phase, the second-tier banks will receive $292 million. The funds will be loaned to private businesses for up to 5 years with an interest rate no more than annual 11.5%. At the moment, the average interest rate in the banks is 13%. The private businesses will be able to borrow from $6.5 million to $29 million per a project.

The funding will be provided to private businesses for investment projects, export operations and working capital financing. The main step towards optimization of the work of the second-tier banks will be non-interference in the internal procedures and credit process by the creditors.

Хотите больше статей? Смотреть все
Добавить комментарий
Most Read
Most Discussed