05/24/2024 12:52:00

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Industrial Development Fund Portfolio reached 1 trillion tenge

Industrial Development Fund Portfolio reached 1 trillion tenge
Industrial Development Fund JSC (subsidiary of Development Bank of Kazakhstan JSC, hereinafter referred to as the Fund, IDF) this year continued to show positive growth dynamics in terms of key performance indicators. Thus, the Fund's loan portfolio as of September 7, 2023 reached 1 trillion tenge. Over the entire period of operation, the IDF has financed more than 1.5 thousand projects and transactions for a total of 1.4 trillion tenge, while attracting investments to fund projects for 1.6 trillion tenge.

Project financing through leasing and lending instruments is aimed at diversifying the manufacturing industry, supporting and stimulating the production of medium and high value-added goods, developing infrastructure, as well as assisting in attracting investment to the economy of Kazakhstan.

The growth of the Fund's portfolio was achieved through financing projects under the "Concept for the development of the manufacturing industry of the Republic of Kazakhstan for 2023-2029" and other program documents of the Government of the Republic of Kazakhstan.

JSC "Industrial Development Fund" was established on the instructions of the Head of State Kassym-Jomart Tokayev dated May 11, 2020 in order to develop the industrial potential of the national economy. On August 18 of the same year, the Decree of the Government of the Republic of Kazakhstan No. 521 "On the establishment of the Industry Development Fund" was adopted.

Among the projects supported by the Fund are factories for the production of buses and special equipment, cars, railway wheels and terminals, an iron foundry, the production of car tires, household appliances, building materials, a project for a localization center for agricultural machinery, projects to upgrade the fleet of railway trains and agricultural machinery , as well as projects in the food, chemical, renewable energy industries, etc.

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