Business news in brief

First Deputy Prime Minister of Kazakhstan Bakytzhan Sagintayev chaired a Nov. 27 regular meeting of the Board of Directors of the Damu Entrepreneurship Development Fund. The meeting discussed the credit terms for small and medium enterprises (SME) in the sphere of the processing industry. The council made the decision to provide loans only for new business projects. The funds will be allocated with the estimated fee rate of 6 percent for ten years. The business support programme in the processing industry and service sector was approved after the meeting.

According to the head of state’s instructions on concessional lending, 555 billion tenge (US$3.1 billion) will be allocated to small and medium businesses in the country in 2015-2016, the press service of the Ministry of National Economy reported. Minister Yerbolat Dossayev said that “within the state-of-the-nation address to further support business activities in the country, 200 billion tenge (US$1.1 billion) will be allocated from the National Fund in 2015 and 2016, 100 billion tenge (US$552.6 million) annually.” These funds will be loaned to small, medium and large businesses using the existing programmes of interbank lending of the Damu fund, with 100 billion tenge (US$552.6 million) for financing SMEs and 100 billion tenge (US$552.6 million) for large businesses.

“Role of regions in holding EXPO 2017,” the second international investment forum dedicated to the green economy, took place on Nov. 28 in Shymkent, where the prospects of development of alternative energy were discussed. Representatives of ministries, national companies, research institutes, second-tier banks, foreign diplomatic missions, international organisations and foreign and domestic companies took part in the event. Entrepreneurs from the U.S., Russia, Germany, Italy, Poland, Hungary, Japan, China, South Korea and Malaysia expressed their interest in the forum. One of the panel sessions, which was held in the Shymkent Congress Centre, was dedicated to the role of youth in holding EXPO 2017. According to the Managing Director of Astana EXPO 2017 Company Saltanat Rakhimbekova, the company is working hard to attract the Kazakh regions to participate in the international exhibition. Thus, memoranda on cooperation have already been signed with the North Kazakhstan, Karaganda and Kyzylorda regions.

Almassadam Satkaliyev, chairman of the board of Samruk Energy, spoke about the implementation of projects in energy sphere at a Nov. 26 Central Communications Service (CCS) briefing. “The company is now implementing 14 projects aimed at the future development of infrastructure. The implementation of these projects will reduce the deficit of electric power and provide new opportunities for the social and economic development of the regions. Samruk Energy, in partnership with Samsung C&T, is working on construction of the Balkhash thermal power station. The design capacity of the station is 1,320 MW,” he said. According to Satkaliyev, implementation of this project will allow for increasing the country’s energy security in the long-term. The work has already begun, the road is currently being constructed and drilling and blasting operations were conducted. The infrastructure has also been prepared. New technologies applied in construction of the Balkhash thermal power station will allow for savings up to 900,000 tonnes of coal per year. Besides, great emphasis in the construction of the plant was aimed at the reduction of emissions. “The company is also engaged in the development of renewable energy sources. Samruk Energy will finish construction of the first phase of the Yereymentau wind power station with a capacity of 45 MW in 2014. This plant will be the main facility generating electricity for EXPO 2017. Samruk Energy will allocate 583.5 billion tenge (US$3.2 billion) for modernisation of power stations within the tariff in exchange for an investments programme in the period 2009-2015 and 278 billion tenge (US$1.5 billion) in 2014-2015,” he concluded.

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