Subsidiary Organization VTB Bank (Kazakhstan) launches financing of the entrepreneurs under Ak Niyet program

/KASE, July 4, 2019/ – Subsidiary Organization VTB Bank (Kazakhstan) (Almaty), whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the press release dated July 3, 2019, which states as follows: quote The Bank has signed the loan agreement with DAMU Fund and Akimat of East Kazakhstan region on participation in the Program of regional financing of the small and medium-sized business entities – under Ak Niyet byproduct for the amount of 200 million KZT, 100 million KZT of which were allocated by the Akimat of region, and another 100 million KZT – by the Fund. Within this program, VTB Bank (Kazakhstan) will grant concessional loans to the businessmen of EKR at nominal remuneration rate up to 8.5% per annum. - VTB Bank (Kazakhstan) together with the DAMU Entrepreneurship Development Fund has already realized multiple projects, rendering strong support to the SME sector, - Chairperson of the Board of VTB Bank (Kazakhstan), Dmitry Zabello, says. – Earlier we have already worked with the Akimat of East Kazakhstan region and Damu Fund within the program under Ak Niyet-2 byproduct. Back then the Bank has successfully assimilated 300 million KZT, allocated for the financing of entrepreneurs of this region. Both byproducts of the program, Ak Niyet-2 and Ak Niyet, have common goal – support of businessmen of the region and have minor differences. For example, Ak Niyet program lays emphasis on the development of food industry, agricultural complex, tourism and manufacture of non-grocery goods, and it means that entrepreneurs from those areas will be specifically given preference in the first place. The businessmen from EKR of those who intend to develop business in this region may appeal to VTB Bank (Kazakhstan) for a loan for a maximum amount up to 200 million KZT, if the purpose of loan is purchase of permanent or replenishment of current assets. Loan term shall be up to 7 years. unquote [2019-07-03]