More Than 40 Projects Approved for Financing as Part of Almaty Business 2025 Program

NUR-SULTAN – Forty-two projects worth 8.3 billion tenge (US$19 million) will be implemented as part of the Almaty Business 2025 entrepreneurship development program, reported the press service of the regional administration. This will create more than a hundred jobs.

Almaty. Photo credit: Maxim Zolotukhin.

The Almaty Business 2025 program aims to create favorable conditions for doing business, increasing financing, reducing administrative barriers, developing the infrastructure of small and medium-sized businesses, training, supporting entrepreneurs and attracting investors.

The Almaty authorities also began moves to establish the Almaty Finance company that provides affordable funding for businesses in Almaty.

Deputy Chairman of the Board of Almaty Finance Zangar Salimbayev.

The loans will be issued for the projects in light industry, furniture industry, healthcare, education and sports. The list of projects includes the launch of a new laboratory, a coffee roasting workshop, a sewing workshop, furniture production workshop, the construction of an industrial park and projects in the IT industry.

“We reviewed our directions and have now identified seven priority areas. These include creative industry, entertainment, the construction of social facilities, grocery store chains, service centers, the creation of non-stationary retail outlets, and the development of the manufacturing industry. These areas are in demand among entrepreneurs in Almaty. Due to the current pandemic, many businesses are turning to other directions and diversification. Many are now switching to medicine and other industries,” said Deputy Chairman of the Board of Almaty Finance Zangar Salimbayev at the Jan.18 briefing. 

The Almaty Finance company issues loans in tenge at 2 percent per annum for projects implemented in an industrial park with a maximum loan amount of 70 million tenge (US$165,493) and at 6 percent with a loan limit of up to 500 million tenge (US$1.1 million) for other areas.

Last year, Almaty authorities presented a development strategy for the next 30 years. The strategy through 2050 is designed for Almaty to enter the top 100 best cities in the world in terms of quality of life and business opportunities. 

Almaty kept its position at the top of the World Bank’s Subnational Doing Business in Kazakhstan 2019 report.

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