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Report of the First Vice-Minister of National Economy of the Republic of Kazakhstan Dalenov R.E. at a meeting of the Government of the Republic of Kazakhstan, 22.01.19

Microcredit in the framework of the Program for the Development of Productive Employment and Mass Entrepreneurship “Enbek” (hereinafter referred to as the Program) in 2017 was implemented for the first time. Administration of support tools in cities and monotowns is assigned to the Ministry of National Economy, in rural areas and in small cities to the Ministry of Agriculture.

In order to solve the problems of unemployment and employment of the population, microcredits are provided to unemployed and self-employed citizens, as well as new and existing entrepreneurs to create new micro enterprises and expand the existing business.

The final interest rate does not exceed 6%, the loan term is up to 5 years, including 7 years for livestock and the creation of agricultural cooperatives.

The amount of microcredit in cities and monotowns amounts to 16.5 million tenge and up to 20 million tenge in four cities of Astana, Almaty, Aktau and Atyrau.

Results of 2018

In 2018, 13.9 billion tenge was allocated for microcrediting in cities, including 6.1 billion tenge further allocated from the Republic of Belarus in the framework of five social initiatives.

Thus, in cities and mono-cities, 1,311 projects were financed in the amount of 14.4 billion tenge (including carry-overs).

In case of insufficiency of collateral, entrepreneurs are provided with guaranteeing microcredit up to 85%.

Thus, in 2018, 484 contracts of guarantees in the amount of 2.8 billion tenge were concluded. Almost every third loan provided guarantees.

In 2019, in cities and monotowns, it is planned to issue 2 thousand microcredits. For these purposes, 9.3 billion tenge was allocated from the Republic of Belarus, and 7 billion tenge will be allocated from the local budget.

Program Changes

The Program on November 13, 2018 was amended by the Government Decree, i.e. the number of participants in the Program is supplemented by active entrepreneurs.

Previously, existing entrepreneurs could not participate in the Program.

Now, in connection with the removal of such restrictions, the number of microloans issued will increase significantly.

On creation of MFIs in the regions

Earlier in the Kostanay, Zhambyl, Kyzylorda, Mangystau, Turkestan and Karaganda regions microfinance organizations (MFOs) were established.

Regarding the creation of MFIs and in other regions.

Today, MFIs are established in Atyrau, Pavlodar, West Kazakhstan, North Kazakhstan, East Kazakhstan regions and in the city of Shymkent.

Additionally, the Ministry of National Economy, together with JSC “FRP “Damu”, is working on the issue of improving the Microcredit Rules in terms of the work of MFIs.

In 2019, under the Program, 2 thousand microcredits will be issued in cities and all measures are taken to expand microcredit.

Work in this direction will continue.