In Baiterek Holding, the First Guarantee Agreement Was Signed Under GF-2 to Support Large Investment Projects

A signing ceremony was held at Baiterek National Managing Holding for a tripartite guarantee agreement between Damu Entrepreneurship Development Fund JSC (Damu Fund), Qazaq Global Food JV LLP, and Development Bank of Kazakhstan JSC (DBK). It should be noted that this is the first time the Damu Fund has acted as a guarantor for a loan issued by DBK.

The agreement was signed by Farhat Sarsekeyev, Chairman of the Management Board of the Damu Fund; Marat Yelibayev, Chairman of the Management Board of DBK; and Samat Balabekov, Director of Qazaq Global Food JV LLP. The event was also attended by Zhandos Shaikhy, Deputy Chairman of the Management Board of the Holding, along with project teams from the companies.

This document became the first project implemented under the new mechanism — Guarantee Fund 2 (GF-2), established to support and develop large-scale investment initiatives in Kazakhstan with a value exceeding KZT 7 billion.

The purpose of the agreement is to facilitate the implementation of Qazaq Global Food JV’s investment project in the agro-industrial sector, using financing and guarantee instruments provided under GF-2.

It should be recalled that Guarantee Funds were developed and launched by Baiterek Holding on the basis of the Damu Fund in April of this year, by instruction of the Head of State, as part of the initiative to provide KZT 8 trillion in financing to the real sector of the economy.

Currently, GF-1 (up to KZT 7 billion), created to support SMEs, is already operating successfully, while the signing of the first agreement under GF-2 marks an important step in expanding access to financing for large businesses and attracting investments into strategic sectors of the economy.

“Baiterek Holding continues to create modern mechanisms for business access to financing. The Guarantee Fund for SMEs has already proven its effectiveness, and today’s project became the first example of GF-2 in action, targeting large-scale investment initiatives. This mechanism will make it possible to implement major projects in industry, agriculture, and infrastructure, creating new jobs and reducing import dependence,” noted Zhandos Shaikhy.

The first project under GF-2 is the construction of a fruit and vegetable processing plant in Almaty region. Qazaq Global Food JV LLP, in cooperation with the Turkish company Göknur Gıda, is establishing a production facility for apple juice concentrate and fruit-and-vegetable purées. The total project cost amounts to KZT 9.5 billion, of which DBK will finance KZT 7.1 billion, while the Damu Fund’s guarantee stands at KZT 2.8 billion (39.4% of the financing amount).

“Our plant will be the first facility of this scale in Kazakhstan. Once operating at full capacity, we plan to cover up to 80% of imported juice concentrates and ensure 100% export of our products. Construction has already started, and we expect to release the first batch next year. We are grateful to the Development Bank of Kazakhstan and the Damu Fund for their support and trust,” emphasized Samat Balabekov.

As of today, the Damu Fund is reviewing two more projects under GF-2 totaling KZT 52.3 billion, while in general, more than 40 applications worth over KZT 5.6 trillion are being developed by lending institutions, including second-tier banks and Baiterek Holding’s subsidiaries.

The establishment of GF-2 has become an important step in improving state support for business, particularly for large projects aimed at diversifying the economy and developing priority industries.