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ADB provides credit line worth $150 mln to finance SMEs development in Kazakhstan

May 10, 2014

Within the framework of the credit line provided by the Asian Development Bank (ADB) in 2014 for the development of small and medium business in Kazakhstan it is planned to attract 150 million U.S. dollars, Chairman of the National Managing Holding "Baiterek" Kuandyk Bishimbayev said during the ADB's 47th Annual Meeting of the Board of Governors.

"This year we are planning to raise additional 150 million of this facility. The money would be an addition to the resources that are allocated from the National Fund on instruction of the Head of State in order to support small and medium-sized businesses," he said.

He recalled that in 2011 "Damu" Entrepreneurship Development Fund, included in the structure of "Baiterek" Holding received ADB's credit line of 500 million U.S. dollars to support SMEs in Kazakhstan.

"This is the biggest in the history of the Asian Development Bank line of credit for SMEs. Another feature of it is the amount equivalent to 500 million U.S. dollars was provided in tenge, which allowed to avoid various kinds of currency risks for business," Bishimbayev noted.

As he said, the partnership with ADB is developing successfully. 150 million U.S. dollars was attracted, more than 1,000 entrepreneurs have received support, about 2,000 new jobs were created due to the credit line.

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Source: AKIpress News Agency (Kyrgyz Republic)

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