Baiterek Holding to spend some 3.5trln tenge to prop up Kazakhstan’s economy

Baiterek Holding to spend some 3.5trln tenge to prop up Kazakhstan’s economy
Photo credit: JSC Baiterek

As part of the Government’s action plan to ensure economic growth, JSC National Management Holding Baiterek is set to invest some 3.5 trillion tenge in the country’s economy, Prime Minister Olzhas Bektenov said at the joint session of the Parliament chambers, Kazinform News Agency reports.

“The Government actively attracts the resources and funds of Samruk-Kazyna and Baiterek holdings, domestic capital market, foreign direct investments and private capital to finance priority projects. In 2024, Baiterek Holding will spend over 3 trillion tenge on financing these projects,” Bektenov said.

In his words, 2.8 trillion tenge will be allocated through the direct support tools. Of this amount, 1.4 trillion tenge will be spent on financing the real sector projects. More than 0.5 trillion tenge will be spent on agro-industrial complex sector including spring-sowing and harvesting campaigns. Some 0.4 trillion tenge will be used to finance housing projects. 0.4 trillion tenge will be spent on implementation of Nauryz and Otau mortgage programs, and 32 billion tenge will be invested to support small and medium businesses, the press service of Baiterek Holding said.

On top of that, more than 700 billion tenge will be allocated through the indirect tools of support, such as guaranteeing, subsidizing and insuring. Namely, more than 150 billion tenge will be spent on guaranteeing investment projects and SMEs’ projects. About 300 billion tenge will be spent on subsidizing SMEs, and some 300 billion tenge will be used for insuring export operations.

The initiative aims to strengthen economic stability and stimulate growth in key sectors of Kazakhstan’s economy.

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