Baiterek National Managing Holding Strengthens Measures to Expand Business Access to Financing

Following a meeting of the Government of the Republic of Kazakhstan dedicated to measures to support micro and small businesses, a briefing was held with the participation of Deputy Prime Minister – Minister of National Economy of the Republic of Kazakhstan Serik Zhumangarin, Minister of Finance of the Republic of Kazakhstan Madi Takiyev, and Chairman of the Management Board of Baiterek National Managing Holding Rustam Karagoishin.

During the briefing, Rustam Karagoishin presented information on the instruments implemented by the Holding to support micro, small, and medium-sized enterprises, as well as on measures aimed at stimulating investment activity and expanding entrepreneurs’ access to debt financing.

A key element of the current support model is the two guarantee funds of Baiterek National Managing Holding. As of today, this mechanism has already facilitated the attraction of more than KZT 430 billion in loan financing for entrepreneurs.

“Currently, we operate two guarantee funds. The first one is focused on small and medium-sized businesses. Its fundamental feature lies in the fact that the fund’s core capital is formed by second-tier banks, while the share of the Damu Fund is approximately 25 percent. This approach allows banks to be actively involved in promoting state support instruments and expanding business access to financing,” Rustam Karagoishin noted.

He emphasized that the guarantees provided generate a multiplicative effect for the economy.

“When we issue guarantees, for example, in the amount of KZT 200 billion, this very amount becomes the basis for lending by second-tier banks. As a result, entrepreneurs gain access to financing that was previously unavailable due to insufficient collateral,” the Head of the Holding explained.

The second guarantee fund is designed to support large investment projects with a value exceeding KZT 7 billion. Under this instrument, a significant portfolio of applications has already been formed and is at an advanced stage of consideration. By the end of the current year, it is planned to provide guarantees totaling up to KZT 700 billion, which will significantly increase lending volumes for large projects in the real sector of the economy. At the same time, guarantees for such projects cover up to 30 percent of their cost, reducing the financial burden on investors.

A separate section of the report was devoted to the formation of a long-term investment pipeline for the country. Together with central government bodies and regional authorities, the Holding carried out extensive work to select, systematize, and eliminate duplication among investment initiatives.

According to Rustam Karagoishin, the result is a unified investment portfolio comprising approximately 1,500 projects with a total value of about KZT 87 trillion.

“We consider this portfolio as the country’s baseline investment pipeline for the medium term — for the period 2026–2032. Nearly 90 percent of the projects are concentrated in the manufacturing industry and infrastructure. A significant share is also represented by projects in the agro-industrial sector,” he noted.

As part of its support for small and medium-sized businesses, the Holding, through the Damu Fund, continues to implement the Orleu program. As of mid-December, 1,856 SME projects totaling KZT 505 billion have been financed under the program. Support has been provided to 1,665 unique entrepreneurs across the country. State guarantees play a significant role in the program, enabling entrepreneurs to attract financing despite limited collateral.

By the end of 2025, the total volume of financing under the Orleu program is projected at approximately KZT 613 billion. In 2026, the program will be continued and expanded, with funding of KZT 200 billion allocated from the fund’s resources.

In conclusion, Rustam Karagoishin emphasized that Baiterek National Managing Holding will continue its efforts to reduce financial barriers for businesses, expand guarantee instruments, and build a sustainable investment base focused on the development of the real sector of the economy and long-term economic growth.