Baiterek Holding Gives Impetus to Increased Lending to the Real Sector of the Economy
On April 16, in Almaty, Deputy Chairman of the Board of JSC National Management Holding Baiterek Zhandos Shaikhy held an off-site in-person meeting of the Managing Project Office for Lending to the Real Sector of the Economy. The event was attended by heads of second-tier banks and subsidiaries of Baiterek Holding, the National Bank of the Republic of Kazakhstan, the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market, as well as the Association of Financiers of Kazakhstan.
Earlier it was reported that as part of the implementation of the order of the Head of State aimed at financing the real sector of the economy, the Government of the Republic of Kazakhstan will send about 8 trillion tenge through Baiterek Holding to support entrepreneurship, develop housing construction and implement key national and investment projects.
One of the key measures in this direction is the introduction of a conditional financing instrument with a single interest rate for end borrowers at the level of 12.6%, as well as the development of guarantee fund mechanisms based on JSC Entrepreneurship Development Fund Damu to support new economic projects. In addition, issues of optimizing the management of the Holding's subsidiaries' loan portfolio were discussed during the meeting.
Farkhat Sarsekeyev, Chairman of the Board of the Damu Fund, noted that at this stage, agreements on participation in the Guarantee Fund for SMEs have been signed with such second-tier banks as Bank CenterCredit, Halyk Bank, Freedom Bank and ForteBank, with subsequent expansion of the circle of participants.
It was also noted that a virtual data warehouse (Virtual Data Room) will be created on the basis of the Baiterek Holding, which will ensure the efficiency and transparency of work on financing investment projects.
Investment projects of the Development Bank of Kazakhstan were also presented, which imply the possibility of joint implementation with second-tier banks. It was noted that the Development Bank of Kazakhstan has significant experience in interacting with both international syndicates and syndicates operating within the framework of Kazakhstani legislation.
"The Development Bank of Kazakhstan is consistently expanding its partnership relations with financial institutions. Such meetings allow us to promptly agree on approaches to financing and jointly seek effective solutions to support domestic entrepreneurship and implement investment projects,” emphasized Marat Yelibayev, Chairman of the Board of the DBK.
During the meeting, Madina Yerzhanova, Deputy Chairman of the Board of the Export Credit Agency of Kazakhstan JSC, presented the Agency’s support tools to the participants and proposed the active participation of second-tier banks in financing projects with an export component, including the use of loan insurance, guarantees, and pre-export financing tools.
As part of the working trip, additional bilateral meetings with the heads of second-tier banks and borrowers were also held. During the negotiations, the prospects for expanding cooperation, joint implementation of investment projects, and the introduction of new financial instruments, including new mechanisms for guaranteeing loans through a guarantee fund based on the Damu Fund, were discussed.
