Baiterek Holding has allocated 57 billion tenge to help boost productive employment. This support was provided in 2021 under the Enbek State Program for the Development of Productive Employment and Mass Entrepreneurship.
The program’s goal is to create jobs by developing small businesses. It was launched in 2017 and some of its goals are being achieved by Baiterek Holding’s subsidiaries.
The Agrarian Credit Corporation funds microfinance organizations and credit partnerships. Since December 2021, it began to issue direct microcredits after joining the Fund for Financial Support of Agriculture. As a result, self-employed, unemployed, and small entrepreneurs received 9.6 thousand microloans to start or develop their businesses.
Another Holding’s subsidiary – the Damu Entrepreneurship Development Fund – finances second-tier banks and provides guarantees for microcredits.
64% of all recipients of microcredits are start-up projects and start-up entrepreneurs. It is worth noting that about 1.5 thousand preferential microloans at a rate of 4% were received by businessmen-members of low-income or large families.
In general, out of 57 billion tenge that was allocated under the Enbek Program, 36.2 billion tenge was spent on direct microcrediting, 12.5 billion tenge – on funding of microfinance organizations and credit partnerships, 8.3 billion tenge – on funding of second-tier banks (secondary utilization of funds). Thanks to these support measures, over 10,000 jobs were created.