Alliance Bank gets KZT 18 bln for small and medium business support
ALMATY. February 16. KAZINFORM /Zhazira Dzhanabayeva/ «Alliance Bank» announced signing of a general agreement with the National Welfare Fund «SamrukKazyna» and Entrepreneurship Development Fund «Damu». The Bank will get a target loan amounting to KZT 18 bln for a term of seven years for financing of small and medium businesses, Kazinform refers to the Bank’s press service. The loan was allocated to the bank within the framework of the third trench of the stabilization program of support of small and medium business, which is implemented by the «Damu». Implementation of this program allows to decrease cost, increase availability of credit resources and simplify debt load of entrepreneurs by refinancing of received loans. In February, 2009 «SamrukKazyna» and «Damu» Funds proceeded to development of the third trench of the stabilization program, within which KZT 117 bln will be allocated for support of private business. Alliance Bank will direct the received funds to financing small and medium businesses. The program’s conditions foresee target use of credit resources. «Alliance Bank» CEO Maksat Kabashev noted that by the Government’s decision, the Bank is one of the operators of development of funds allocated by the state for support of small and medium entrepreneurship. "Because of it we (the Bank) will take an active part in implementation of this state initiative", he said.