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- Mangistau Region

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NCE RK "Atameken", Holding Group "Almex" and Akimat of Mangistau region will provide funding to rural entrepreneurs on concessional terms

The Memorandum of Cooperation was signed today by the three parties in Aktau.

Akimat and NCE of the region created a microfinance institution (MFI) for financing of small businesses in order to provide employment, and to stimulate further enrichment of the Kazakh market with domestic goods and services. MFO will assist budding entrepreneurs, sharing experience of running business.

At the same time the National Chamber of Entrepreneurs "Atameken" allocates 300 million tenge. Funding, which is provided by the investment fund “ALMEX”, is directed primarily for the development of micro-financing of Mangistau region. In turn, the regional akimat will allocate 288 million tenge.

According to the analysis carried out by NCE, microcredit organizations, which operate now in Kazakhstan, provide financial resources at the interest rate of 56%, which is often unsupportable condition for starting small businesses.

legal persons, peasant (farmer) farms, individual entrepreneurs and individuals, leading private farming will be able to get loans at microfinance organizations of NCE of up to 15 million tenge, with a reward of up to 7% per annum and for a period up to 36 months.

Thus, the loans will be available to small businesses, which remains outside the interest of the banking sector (projects in rural households). Entrepreneurs, who passed business training at business support centers are in priority. It is assumed that it will be possible to build a big business around big business in the region, thus, the tax base will increase, there will be creates jobs.

Another nuance of the program: micro-loans will be issued in accordance with the Map of development of entrepreneurship, taking into account the recommended scheme of regional specialization on the optimal use of available resources. Preference will be given to projects aimed at reduction of dependence on oil-production enterprises.

According to the conditions of the created MFO in the Mangistau region, movable and immovable property will be taken as a collateral: land, vehicles, agricultural machinery, livestock, as well as guarantees and sureties of third parties. A flexible loan repayment system is available: monthly, quarterly, every six months, once a year, depending on the loan amount and purpose.

No loans will be provided for consumer purposes, repayment of previous loans, the purchase of residential property and land, trading activity.

There was established a service center "Mangistau", with 51% participation of the regional Chamber of entrepreneurs and 49% of the Akimat of Mangistau region. It should be noted that this is the first, and a pilot project, launched in the Republic of Kazakhstan, with the joint efforts of "Atameken" and Akimat. The Centre's activities will focus on the provision of consulting and practical services to entrepreneurs, as well as attraction and servicing of investors.