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Baiterek and Masraf Al Rayan discuss prospects for the development of Islamic finance

25.02.2021

Baiterek Holding increased the financial support for the manufacturing sector by 21%

Baiterek Holding increased the financial support for the manufacturing sector by 21%

At the meeting of the Board of Directors of “Baiterek” National Management Holding JSC chaired by Askar Mamin, the Prime Minister of the Republic of Kazakhstan, the Holding's Charter and the investment policy for 2020 were amended.

“KazAgro” NMH JSC was merged into “Baiterek” NMH JSC for the purpose of implementation of the State of the Union Message dated September 1, 2020. In this regard, the Charter of the Baiterek Holding was amended. Stimulating the development of the country's agro-industrial complex is now listed as one of the Holding’s main goals.

The meeting participants decided to raise additional financing by issuing bonds for 50 billion tenge for 10 years. The allocated funds will be directed to the Industrial Development Fund JSC for leasing financing of fixed assets of the country's enterprises.

In 2020, Baiterek Holding’s subsidiaries supported enterprises of the non-primary sector for a total of 1 trillion 16.9 billion tenge. Compared to the previous year, the financial support increased by 177.7 billion tenge (or by 21%).

In order to develop the economy’s private sector, over 20 thousand businesses were supported with 799.8 billion tenge in 2020.

The meeting also considered the results achieved during the execution of the plan to improve corporate governance for 2019-2020, and the results of the independent assessment of corporate governance. The risk report of “Baiterek” NMH JSC for the fourth quarter of 2020 and the report of the Internal Audit Service for the same period were approved.

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