Kazakhstan to establish new credit guarantee fund for large businesses

Tengrinews.kz - Deputy Prime Minister and Minister of National Economy Serik Zhumangarin announced that Kazakhstan will create a new credit guarantee fund for large businesses.

Speaking at a government meeting, Zhumangarin stated that the volume of credit guarantees and interest rate subsidies for small and medium-sized businesses (SMEs) will be increased.

"Credit guarantees for businesses have proven to be an effective practice, both domestically and internationally. Therefore, two guarantee funds will be established—one for SMEs. This year alone, around 30,000 SME projects will receive support totaling 1.7 trillion tenge," he said.

Additionally, Rustam Karagoyshin, Chairman of the Board of Baiterek NUH, emphasized that to increase the liquidity of second-tier banks for economic lending, large investment projects will be supported through guarantee mechanisms backed by state guarantees.

"A special guarantee fund will be created within the holding for large business projects worth at least 7 billion tenge. This fund will serve as an effective tool to address collateral sufficiency issues for large and strategically important projects," he stated.

Earlier, Kazakhstan's Agency for Regulation and Development of the Financial Market shared plans regarding the opening of foreign bank branches in the country.