Funding granted for over 40 undertakings within Almaty Business 2025 initiative

In the heart of Kazakhstan, the regional entrepreneurship development program Almaty Business 2025 has been making waves since its inception in 2019. This ambitious programme, designed to reduce administrative barriers, develop Small and Medium-sized Enterprise (SME) infrastructure, provide training and support for entrepreneurs, and attract investors, has seen the establishment of Almaty Finance as a key component.

Almaty Finance, a microfinance organization, was created as part of the Almaty Business 2025 programme. The organisation, established to finance businesses exclusively in Almaty, has issued loans worth approximately 6 billion tenge so far. The loan terms extend up to seven years, with the purpose being to replenish working capital and aid investment goals.

The sectors benefiting from these loans are diverse. The majority of loans issued are for light industry projects, followed by furniture industry, healthcare, and education and sports. Other sectors such as laboratory testing, coffee bean roasting, sewing, furniture production, metal products, stationery, hygiene products, industrial park construction, IT industry projects, and the creation of a three-component integrated system are also represented.

Recently, a briefing on the financial support measures provided to entrepreneurs under the Almaty Business 2025 programme was held. At this briefing, 42 projects totalling 8.3 billion tenge were approved for financing by Almaty Finance. Of these approved projects, 26 have already received funding totalling 6.8 billion tenge.

The implementation of these projects is expected to create over a hundred jobs. Loans are issued in tenge at 2% per annum for businesses in the industrial park, with a maximum loan amount of 70 million tenge. For other business directions, loans are issued at 6% with a loan limit of 500 million tenge.

However, the institution responsible for granting loans to entrepreneurs within the Almaty Business 2025 programme since 2019 is not explicitly stated in the provided search results.

The Almaty Business 2025 programme also marks the establishment of the Qolday entrepreneurship center, a crucial resource for entrepreneurs in the region. Within the framework of the program, the centre and Almaty Finance have been instrumental in supporting the growth and development of local businesses, contributing to the economic vibrancy of Almaty.