Home / Knowledge / News / SMEs to recieve loans for promoting economic growth
SMEs to recieve loans for promoting economic growth
Aug '08
Small and medium scale business enterprises will receive 100 billion tenge as loan from the Government that aims to give a boost to the economic growth of two of its biggest cities.

Kazyana, a state-owned bank will furnish 50 billion Tenge as loan to businesses in Astana, the capital of Kazakhstan, and Almaty. Besides, during a Cabinet Meeting held in Astana, Industry Minister also confirmed that the remaining 50 billion Tenge would come from other commercial banks.

Economy of the country has grown at an average of 10 percent per year since 2000 and has expanded by 5.4 percent in the first half of this year. This is mainly because banks across the country stalled further lending due to global tightening of credit.

The SMEs will get financial aid at an interest rate at as less as 12.5 percent a year while the Central Bank of Kazakhstan has cut its benchmark interest rate from 11 to 10.5 percent with effect from July 1 to help ease a credit squeeze.

In the first half of this year, Almaty based businesses got 302.9 billion tenge from commercial banks which marked a slump of 44.3 percent over the corresponding period last year. Moreover, tax payments from the companies in the region also dropped by 13.6 percent in the first seven months to touch 248.9 billion tenge.

However, with the recent decision to fund SMEs in both the cities, Kazakhstan is likely to do a lot better in terms of business output and profit margins from revenues.

Must ReadView All

Textiles | On 25th Oct 2016

Arvind to dilute 10% stake in brand business arm

Arvind Limited, one of India’s largest integrated textile and apparel ...

Courtesy: Commonwealth Bank of Australia

Textiles | On 25th Oct 2016

World’s first cotton shipment using Skuchain’s Brackets

The world’s first trade transaction involving shipment of cotton...

Textiles | On 25th Oct 2016

Cotton yield to increase to 568.29 kg/ha in 2016-17: CAB

At its first meeting for the cotton season 2016-17, the Cotton...

Interviews View All

Rahuul Jashnani

‘Online economy has changed the whole dynamics of buying habits.’

Smita Murarka

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Anshul Sood

‘Indian footwear market is nascent and largely a trend follower’

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Robert Brunner

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Advanced Search