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Results of “Damu” business development fund” jsc business support programs implementation


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Results of “Damu” business development fund” JSC business support programs implementation
Based on the decision made by the sole shareholder of JSC Damu Entrepreneurship Development Fund (hereinafter referred to as the “Damu” Fund) - JSC “National Welfare Fund “Samruk-Kazyna” , the Fund has been acting as an operator managing the public funds under the programs of tied funds allocation to the second-tier banks (hereinafter referred to as “STB”) for the purpose of further lending to SME since the end of 2007.

Starting from 2010, “Damu” Fund has been actively involved in implementation of the state program of support of private enterprise entities involved in non-energy sectors of economy “Business Road Map 2020” as a financial agent for subsidization of a part of interest rates and partial guarantee on loan.


Besides, having duly appreciated the efficiency and successful experience of “Damu” Fund in implementation of non-financial programs of private enterprise support, government of Kazakhstan supplemented the “Business Road Map 2020” Program with the fourth field of “Business Potential Enhancement” in the end of 2010.
“Damu” Fund also implements a number of its own programs for information and analytical support aimed at improvement of businessmen competence.
“Damu” Fund’s geographic information system (www.gis.damu.kz) data is used throughout the text of the present document.

BUSINESS FINANCIAL SUPPORT PROGRAMS




1. The First Tranche under Stabilization Program


In accordance with the Decree No.1039 issued by the Government of the Republic of Kazakhstan on November 6, 2007, the Fund operated as an agent for allocation of the first tranche under the stabilization program to the amount of 48.8 billion tenge. The funds allocated in December 2007 were distributed among seven partner-banks determined by the decision No.17-5/011-3 of the State Commission for Modernization of the Republic of Kazakhstan Economy made on November 26, 2007.
As of January 1, 2014, the total amount of funds used by the second-tier banks (STBs) with due account for redistributions and issue of funds on revolving basis was 92,827 billion tenge. This amount was provided to 2,845 borrowers. Average loan amount was 32.4 million tenge. The average term of loan was 26 months with average weighted interest rate of 16% per annum and effective interest rate of 17.8% per annum. 3,116 jobs were created within the framework of this program:


The key indicators for the first tranche of stabilization program as of January 1, 2014.

No.

Bank

Actual disbursement amount, bln. KZT

Share of STB, %

Number of Borrowers

Average loan amount, mln. KZT

Average term of loan, month

Average Weighted Interest Rate, %

Effective Interest Rate, %

Number of Created Jobs

1

“BTA Bank” JSC

38,472

41%

1,177

33

15

14.3%

15.5%

725

2

“CentreCredit Bank” JSC

16,578

18%

238

70

25

17.8%

20.0%

570

3

“Kazkommertsbank” JSC

12,058

13%

344

35

20

16.3%

18.3%

746

4

“Tsesnabank” JSC

8,690

9%

395

22

37

16.0%

17.5%

350

5

“Kaspi Bank” JSC

8,340

9%

429

19

45

18.5%

21.3%

403

6

“Eurasian Bank” JSC

5,667

6%

145

39

66

17.3%

19.3%

306

7

“Alliance Bank” JSC

3,022

3%

117

26

38

18.3%

21.1%

16




Total:

92,827

100%

2,845

33

26

16.0%

17.8%

3,116

In terms of breakdown by the areas of the country, the greatest amount was disbursed in Karaganda region - KZT 18,811.00 mln. (to 408 borrowers), and in the city of Almaty - KZT 11,260.00 mln. (295 borrowers). The lowest amount was disbursed in Atyrau region- KZT 2,000.00 million (82 borrowers):


Actual Amount of Disbursed Funds Broken Down by Regions as of January 1, 2014.

No.

Area

Actually Disbursed Amount,

mln. KZT

Share of Region, %

Number of Borrowers

Created Jobs

1

Akmola region

4,872

5.3%

130

402

2

Aktobe region

4,997

5.4%

171

16

3

Almaty region

2,190

2.4%

93

170

4

Atyrau region

2,000

2.2%

82

62

5

East Kazakhstan region

9,035

9.7%

353

372

6

Zhambyl region

2,237

2.5%

101

176

7

West Kazakhstan region

4,880

5.3%

209

99

8

Karaganda region

18,811

20.3%

408

204

9

Kostanai region

6,187

6.7%

159

197

10

Kyzylorda region

4,161

4.5%

170

124

11

Mangystau region

5,114

5.5%

141

51

12

Pavlodar region

6,743

7.3%

224

375

13

North Kazakhstan region

2,798

3.0%

104

143

14

South Kazakhstan region

2,328

2.5%

75

52

15

Astana

5,125

5.5%

130

420

16

Almaty

11,260

12.1%

295

253




Total:

92,827

100.0%

2,845

4,161

In terms of breakdown by industry sectors, the major part of loans was granted for the projects in the sphere of trade - share of funding the projects in the given sector made up 61% of the total amount of actually disbursed loans. Loans to the businesses involved in the sphere of services made up 16%, that of businesses involved in industry - 11%, construction - 6%, transportation and communication - 3% and agriculture - 3%.



Actual Amount of Disbursed Funds Broken Down by Industries as of January 1, 2014.


Промышленность - Industry

Торговля – Trade

Услуги – Services

Транспорт и связь – Transportation and Communication

Сельское хозяйство – Agriculture

Строительство - Construction


The following positive effect was achieved resulting from implementation of the Program:

  1. timely financial help to the SMEs in the environment of worsening STB liquidity crisis;

  2. keeping the share of loans by STB to SMEs at the pre-crisis level.

Nevertheless, the Program was not efficient enough since:



  1. it did not change debt financing structure broken down by industries;

  2. sphere of trade remained the dominating one;

  3. it had weak effect on extension, renewal and modernization of the fixed assets of SMEs. The greatest part of the disbursed funds was used for replenishment of floating assets;

  4. funds distribution among the country’s region was not even;

  5. effective interest rates for the final borrowers turned out to be quite high.

Analysis of the results of the first tranche funds distribution under the Stabilization Program helped to properly adjust the terms and conditions of future tranches provision.



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