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


Kazakhstan and Uzbekistan Will Cooperate in Supporting SMEs

Kazakhstan and Uzbekistan Will Cooperate in Supporting SMEs

The Managing Director, Member of the Board of “Baiterek” National Managing Holding” JSC, Ainur Kuatova, has held a meeting with the Acting Executive Director of the State Fund for the Support of Entrepreneurship Development under the Cabinet of Ministers of the Republic of Uzbekistan Yakub Umarov.


The management of the State Fund is on a visit in the city of Nur-Sultan to participate in the events of "ULTTYQ O`NIM-2019" exhibition of Kazakhstan manufacturers.


As it was noted by Ainur Kuatova, the development of cooperation with Uzbekistan is strategic for the Holding. This is evidenced by intensive contacts, regular meetings, projects and transactions concluded between the holding's subsidiaries and Uzbek organizations.


The importance of establishing and developing the cooperation of Damu Fund with Uzbek colleagues is being noted at Baiterek Holding. The state fund in Uzbekistan was created relatively recently; therefore, the 22-year experience of Damu Fund, as the main institution for the development of entrepreneurship in Kazakhstan, can be valuable and useful for the Uzbek partners.


Damu Fund support programs cover over 50 thousand entrepreneurs of Kazakhstan in all regions. The Fund effectively implements financial instruments (lending, subsidizing, guaranteeing) through a developed network of branches, within which business service centers operate.


During the meeting, the parties have stressed out the importance of deepening trade, economic and investment interaction between Kazakhstani and Uzbek companies, including the development of effective cross-border cooperation. Thus, the signing of the Cooperation Agreement between Damu Fund and the State Fund of Uzbekistan opens up prospects for the implementation of joint programs and projects aimed at supporting micro, small and medium-sized businesses of our states.


Being the sole shareholder of Damu Fund, the Holding is ready to support initiatives between organizations and assist in promoting mutually beneficial cooperation.



“Damu” Entrepreneurship Development Fund JSC was established based on the Decree of the Government of the Republic of Kazakhstan dated April 26, 1997. The mission of the Fund is an active role in the sustainable development of micro, small and medium-sized businesses in Kazakhstan through the implementation of comprehensive and effective support tools. Branches of Damu Fund function in all the regions of Kazakhstan, having considerable experience of collaboration with local entrepreneurs, public organizations and local executive authorities.


The State Fund for the Support of Entrepreneurship Development under the Cabinet of Ministers of the Republic of Uzbekistan was established by the Resolution of the President of Uzbekistan dated August 17, 2017. The Fund promotes public policy in the field of supporting the development of small businesses, expanding access to financial services and mitigating credit terms, including for socially important projects and areas.

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