VTB Bank (Kazakhstan) signs agreement with "Damu" Entrepreneurship Development Foundation to participate in "DAMU-OPTIMA" partial guarantee program

/KASE, May 25, 2017/ – VTB Bank (Kazakhstan) (Almaty), whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with a press release of May 25, 2017 as follows: quote The partial guarantee program "Damu Optima" gives an opportunity to enterprises that are not included in the priority sectors of "Business Road map 2020" to apply for a credit guarantee that allows to resolve the issue of collateral insufficiency. - From Now on the customers of the bank who do not have sufficient collateral to apply for a business development loan will be able to receive financing under the guarantees of Damu Foundation. The corresponding agreement between VTB Bank (Kazakhstan) and the "Damu" Entrepreneurship Development Foundation was signed in May 2017. Our cooperation with the Fund reveals new opportunities, both for our clients and for the Bank and the Fund themselves. Together we are moving along the path of development of small and medium- sized businesses of the country, said Dmitry Zabello, Chairman of the Board of VTB Bank (Kazakhstan). "Damu Optima" program was created for small and medium-sized enterprises in such spheres of business as trade, services, catering and others. - The problem of collateral lack in obtaining a loan is acute for all entrepreneurs. Previously, businessmen who implemented projects in priority sectors could use Damu Foundation guarantee to cover the collateral within the framework of Business Roadmap 2020 program, the rest had to provide a collateral of third parties. The program "Damu Optima" serves to fill this gap. Now an entrepreneur from any business sphere can receive a guarantee from Damu Foundation, "said Abai Sarkulov, the Chairman of the Board of the Damu Foundation. Within Damu-Optima program, the Damu Foundation provides guarantees of up to 50% of the loan amount, the maximum loan amount for investments is up to 180 million KZT and for replenishment of operating assets up to 60 million KZT. The guarantee is being provided for up to 5 years. unquote [2017-05-25]