"Baiterek" Holding granted borrowers a three-month deferral of payments

"Baiterek" NMH" JSC increased its support to entrepreneurs during the state of emergency in Kazakhstan.

So, in accordance with the instruction of the Head of State given at the meeting of the State Commission on the State of Emergency in the Republic of Kazakhstan on March 23, 2020, the Holding’s subsidiary, "Damu" Entrepreneurship Development Fund" JSC, continues to provide all state support measures in full.

Second-tier banks, leasing companies and microfinance organizations will provide borrowers with deferrals for payments of principal and interest payments for the next three months. Such support will be provided to borrowers who received it through state programs of soft loans, such as "Enbek", the "Damu Ondiris" SMB support program in the manufacturing sector, and regional programs implemented by the "Damu" Fund together with akimats.

In addition, the "Damu" Fund has switched to a simplified process of reviewing, approving changes related to loan restructuring and is ready to make one-time decisions to amend the existing conditions for financing projects under state programs on subsidizing and guarantee instruments.

Note that the provision of a grace period will be considered by banks, leasing companies, microfinance organizations on an individual basis. The Fund is ready to provide online advice on the websites www.damu.kz, www.online.damu.kz or by calling the single call-center 1408 (the call is free). Also, entrepreneurs can send their applications for public services, changing conditions for state programs online through the egov.kz and online.damu.kz portals.

Also, another holding organization of the Holding, JSC "Investment Fund of Kazakhstan", halts the calculation of rents for SMB. In particular, starting from March 20, 2020, for the period of the state of emergency and quarantine in Kazakhstan, IFC will stop the calculation of rental payments for real estate for small and medium-sized businesses, by delaying by 3 months, without charging fines and penalties.