Home / Knowledge / News / SMEs to recieve loans for promoting economic growth
SMEs to recieve loans for promoting economic growth
19
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 Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Karan Arora
Karan Arora

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

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search