SAPF "granted funds" to SMEs

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Not all banks will get funds from the State Accumulation Pension Fund for financing of small and medium-sized businesses in Kazakhstan

National Bank began to invest pension assets from the State Accumulative Pension Fund under the direction voiced by the Head of State. Investing of the assets of the pension fund will be carried out throughout 2016 upon accumulation of pension fund contributions, informs the press service of the National Bank of Kazakhstan, part of which will be aimed at supporting small and medium-sized businesses on a returnable basis.

Investment of pension assets of SAPF in financial instruments of subjects of quasi-public sector and commercial banks of Kazakhstan is carried out on the basis of return on market interest rates, according to the regulator. Investment of pension assets in financial instruments of second-tier banks of the country will be controlled. The National Bank assured that the money will be used to finance the needs of small and medium business for working capital and refinancing of loans. Monitoring the development and targeted use of invested funds by second-tier banks, will be executed by JSC "EDF" Damu", which has considerable experience in this field".

The National Bank also assured that the mechanism investment of pension fund assets would be "clear and transparent", taking into account the maximum possible amount of investment of pension fund assets in each bank. There is a hope that the assets obtained from SAPF will contribute to balancing the structure of assets and liabilities of STB, preventing significant deviations.

According to the press service of the National Bank, investment of pension assets in the bank's financial instruments is carried out in the presence of a parent company, the sole shareholder, rating made by one of the international rating agencies.

It is interesting that only 30 of the 35 banks will get funding through the program of small and medium businesses at the expense of pension assets. NB states funds will granted only to those financial institutions that "have confirmed readiness to participate in this program on the proposed terms". Some of the five banks exceeded current investments limits, others did not get admission due to mismatch of the main activity to the program or due to the absence of rating.

On February 10, 2016 at the enlarged meeting of the Government, the President Nursultan Nazarbayev instructed to invest pension fund assets in the amount of 1 trillion 450 billion tenge in several areas. In particular, the purchase of government securities of the Republic of Kazakhstan in the amount of 350 billion tenge to finance the deficit of national budget, foreign currency purchase in the amount of 500 billion tenge to invest in overseas markets, the acquisition of debt securities of subjects of quasi-public sector in the amount of 400 billion tenge. In addition, assets of SAPF can be spent on the purchase of financial instruments of second-tier banks for financing small and medium enterprises in the amount of 200 billion tenge.

The National Bank of Kazakhstan assured that "preservation of the funds invested in banks of the second level will be provided by monitoring the development and use of these funds, as well as compliance with the conditions during borrowing of these funds to the borrowers".

Zhanar Serdalina