Baiterek Invests $1.1 Billion in Projects, Supports 47,000 Families

ASTANA – Chair of Baiterek National Management Holding Nurlan Baibazarov reported on the company’s activities for the nine months during an Oct. 30 meeting with Kazakh President Kassym-Jomart Tokayev, reported the Akorda press service.

Photo credit: mtrk.

Baibazarov spoke about work to support entrepreneurship and the agricultural sector, as well as providing housing to the population.

Baiterek invested 511 billion tenge (US$1.1 billion) in projects and supported 18,100 small and medium-sized business projects through loans worth 1 trillion tenge (US$2.2 billion). The holding provided 447 billion tenge (US$949.7 million) for the agricultural sector. According to the results of nine months, 811,200 square meters of housing were commissioned, and nearly 47,000 families received new housing.

“The President was informed about the transformation and digitalization of the holding. As part of this work, the holding intends to double funding for the non-resource sector of the economy within two years. Also, the holding plans to complete digitalizing all services and business processes in two years,” Baibazarov said.

Following the meeting, Tokayev emphasized the importance of introducing new approaches to support economic growth and improve the quality of life of citizens and also set several tasks to improve the activities of the holding.

On Oct. 26, Fitch Ratings affirmed Baiterek’s long-term foreign and local-currency issuer default ratings at ‘BBB’ with stable outlooks. Fitch expects the Kazakh Government to continue its support of Baiterek.

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