28.02.2017 ASTANA. KAZINFORM One of the largest banks of Kazakhstan – Kazkommertsbank – has received a 1bln tenge credit line from Damu Entrepreneurship Development Fund.

"The loan was issued for financing the Almaty Innovations programme," a press release from Damu reads.
According to the statement, 500mln tenge of this sum - are the own funds of Damu and 500mln tenge are the funds of the Mayor's Office. Thus, the total pool of the funds to be spent on the Almaty Innovations programme is 1bln tenge. Damu Fund has already transferred the first tranche (500mln tenge) to JSC Kazkommertsbank. In turn, the Bank shall start financing the small and medium enterprises of Almaty within 6 months.
The remuneration rate for the entrepreneurs will be 8.5% per annum. Maximum size of the loan per one borrower will make up to 100mln tenge. The loan is issued for the period of up to 84 months. The funds will be used for purchase of new and modernization of the existing resources and for replenishing the working assets.
Almaty Innovations programme provides for support of a number of sectors, such as manufacture of computers, electronic and optical products; manufacture of electronic equipment; production of machines and equipment not included in other categories; assembly of transport vehicles, trailers and semi-trailers; information and communication - computer programming, consultations and other related services; consultations in IT; professional, scientific and technical activity - in the field of architecture, engineering surveys, technical tests and analysis; scientific research and developments; other professional, scientific and technical activites; healthcare and social services.
Damu is the national development institute, 100% shares of which are owned by JSC Baiterek National Management Holding. The mission of Damu is to assist in high-quality development of SMEs and micro-financial organizations of Kazakhstan as an integrator and operator of financial and consulting services.