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State guarantees 85% of microcredit amount to beginning entrepreneurs — MLSPP

07 March 2018, 15:50

Vice Minister of Labor and Social Protection of the Population, Nurzhan Altayev, told about the mechanisms for expanding microcredit within the framework of the President’s Five Social Initiatives today at the press center of the Government.

In the course of the briefing, the journalists asked if there would be grants for the people who want to take up entrepreneurship under the new microcredit program. As the Vice Minister noted, in 2017 in Kazakhstan, the pilot of grant allocation mechanism for those who want to open their own small business was tested in a number of regions. The state allocated about 30 million tenge for these purpose.

At the amount of the grant of 250 thousand tenge, for example, a housewife can buy a sewing machine and start sewing some products at home. Or an electric welder, after training on short-term courses, can purchase a welding machine and start his own small business.

In general, according to the Vice Minister, the amount of state microcredit allocated by the state in 2017 was from 0 to 19 million tenge.

"On average, this amount varies between 5-6 million tenge depending on the city or village. At the same time, the state guarantees 85% of the loan amount to start-up entrepreneurs. It should be borne in mind that microcredits are allocated to those who wish on condition of providing a certificate of training under the Bastau Business program or other training programs on the basics of entrepreneurship. To those who are already engaged in SMEs, peasant farms, farmers, microloans will be given on condition of creating new jobs," said Nurzhan Altayev.

Recall, on March 5, at a joint session of the Parliament Chambers, the Head of State Nursultan Nazarbayev announced Five Social Initiatives of the President. The fourth initiative provides for the expansion of microcredit.


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