Kazakh government to provide up to 14,000 business start up microloans in 2018

ASTANA – Approximately 14,000 start-up entrepreneurs will be eligible to receive microloans this year, Director of Employment and Labour Market Development Department of the Ministry of Labour and Social Protection of Population Zhenisbek Dulatov said at June 7 press conference.

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“As is known, each year the government allocates 20 billion tenge (US$59.8 million) for micro lending. This year, it is planned to provide another 42 billion tenge (US$125.6 million). Thus, 45 billion tenge (US$134.5 million) will be allocated to rural population and 17 billion tenge (US$50.83 million) for those living in single-industry towns,” Dulatov said.

Last year, microloans were issued to 7,000 people, he said.

“This year, we plan to cover 14,000 participants, including people who want to start their business and who have not received any assistance from the state before. Mainly they are self-employed and unemployed people,” Dulatov said.

According to Dulatov, the project participants will need to undergo training under the Business Bastau programme to receive financial assistance.

“Last year, we trained 15,000 entrepreneurs, of which more than 3,000 received funding. Approximately, 4,000 participants did not manage to get financing. This year, we plan to cover all the participants of last year and additionally train 30,000 new participants under the programme,” he added.