(Read the full article on forbes.kz)

Minister of National Economy of the Republic of Kazakhstan Asset Irgaliev spoke about the support of small and medium-sized businesses in the country, FORBES KAZAKHSTAN reported, citing Kazinform reports.

“In the context of a pandemic and continuing restrictions on the activities of entrepreneurs, the support of small and medium-sized businesses is of particular relevance. In this regard, this year, work on concessional lending to SMEs continues within the framework of the “Business Roadmap – 2025”, “Economy of Simple Things” programs, the “Enbek” and “Employment Roadmap” programs, as well as the National Bank’s concessional lending program for replenishment capital,” Asset Irgaliyev said at a government meeting.

In addition, the final interest rate on loans is 6% per annum, financing of working capital replenishment has been significantly expanded, loan amounts have been increased, industry restrictions have been lifted, and affordable microcrediting for micro and small businesses has been launched.

“For the first half of this year, more than 31 thousand projects worth over 1 trillion tenge received concessional financing,” the minister concluded.

Irgaliev also announced that about 5 thousand projects of beginning rural entrepreneurs will be financed by the state.

“To support entrepreneurs in the affected sectors of the economy, SME loans are being refinanced. The list of types of economic activities has been expanded. The subsidy period has been extended by three months. For these purposes, 18.4 billion tenge has been allocated from the budget,” Asset Irgaliyev said at a government meeting.

He also said that in July this year, 13.2 billion tenge was allocated from the budget to subsidize new business projects within the framework of the Business Roadmap and Economy of Simple Things programs. The total amount of funding for the two programs amounted to 186.3 billion tenge.