State to Launch New Guarantee Fund for Large Investment Projects
Photo: Midjorney, ill. purposes
The state will launch a new mechanism to support large investment projects, a guarantee fund that will be created under the Baiterek holding, Orda.kz reports.
The fund is expected to help companies obtain financing from banks on favorable terms. The holding's head, Rustam Karagoishin, announced this at a government meeting.
The state will assume part of the financial risks associated with lending. Companies will be able to attract loans to implement large projects more efficiently.
The fund will support initiatives worth from 7 billion tenge.
This fund will be an effective tool for resolving the issue of sufficiency of collateral for large and strategically important projects. The project initiator must ensure its own participation in the amount of at least 20% of the project cost. The remaining 80% of the project cost will be financed by a loan from the STB and BRC. At the same time, the coverage of the holding's guarantee for creditors will amount to up to 30% of the financing amount, said Karagoishin.
Conditions of Participation
The project initiator contributes at least 20% of its funds.
The remaining 80% are attracted through loans from second-tier banks and the Development Bank of Kazakhstan. Through the Baiterek holding, the state guarantees up to 30% of the loan amount, reducing risks for banks.
Original Author: Ilya Astakhov
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