The program, operated by Baiterek Venture Fund JSC, a subsidiary organization of Kazyna Capital Management JSC, is aimed at ensuring sustainable growth of entrepreneurship. Thanks to injections into the capital, the entrepreneurs will be able to get alternative financing on favorable terms: up to 8% per annum in tenge, for a period of up to 10 years. Upon that, the Baiterek Venture Fund will fund the companies by acquiring a participatory interest in their capital in the amount not exceeding 49%, under the guarantee of VTB Bank (Kazakhstan). For small and medium-sized enterprises, the amount of investments should not exceed 1 billion tenge.
- We have signed an agreement with the Baiterek Venture Fund, according to which the bank will on its own select the projects of the companies that have decided to take advantage of the terms of the concessional capital financing program, and will issue a guarantee in favor of the Baiterek Venture Fund. We believe that this type of investment is an example of effective interaction between the state development institutions and the commercial banks, as well as an effective way to develop the SME sector, - Igor Li, Member of the Management Board of the VTB Bank (Kazakhstan) said. "Our bank is an active participant of 13 state programs aimed at developing entrepreneurship in the country and forming a strong SME sector. We are happy to help our customers with any possible tools presented on the domestic market.
30 billion tenge have been allocated for implementation of the concessional financing program through the second-tier banks operated by Baiterek Venture Fund JSC – these are the funds of Kazyna Capital Management JSC. The main objectives of the project are to develop non-commodity sectors of the economy, to support export of non-commodity products, to increase the employment level.
The program mechanism involves several stages: first of all, an entrepreneur should apply to the bank for application for a guarantee and evaluate his company, following which the bank conducts expert examination of the business; after receiving a letter from the bank, an entrepreneur can submit an application to the Baiterek Venture Fund, then the fund conducts its own express analysis. If the results of the two expert examinations are positive, the documents on financing between the entrepreneur, the bank and the fund will be signed and the finances will be allocated.
Background information:
Subsidiary VTB Bank JSC (Kazakhstan) is a member of VTB international financial group. The Bank has been successfully operating on the financial market of Kazakhstan already 10 years, providing a full range of financial services to any categories of customers in all regions of the country. The Bank's Central Office is located in Almaty. The license of the National Bank of the Republic of Kazakhstan No.1.2.14/39 dated April 16, 2019.
For additional comments you can contact the press-service:
Arina Pirogova
Subsidiary VTB Bank JSC (Kazakhstan)
Tel.: 8 (727) 330 59 20 int. 59 20
E-mail: A.Pirogova@vtb-bank.kz
web: www.vtb-bank.kz