Majilis ratifies loan agreement with IBRD

ASTANA. KAZINFORM - At today's plenary session Majilis has approved the draft law "On ratification of the Loan Agreement (Project of improving the competitiveness of small and medium sized enterprises) between the Republic of Kazakhstan and the International Bank for Reconstruction and Development."

"In order to implement the framework agreements on partnership between the Government and international financial organizations, the World Bank and the Government are preparing a project of the program called "Improving the competitiveness of small and medium-sized businesses". The cost of the project is 11.4 billion tenge - $ 46 million. The project is expected to be implemented within 5 years up to 2019 inclusively," said National Economy Minister Yerbolat Dossayev presenting the bill. According to him, the aim of the project is to increase the competitiveness and potential of small and medium-sized businesses. The project includes four components. The first is the development of potential of small and medium-sized businesses. The second is the relationship of SMEs in competitive sectors. The third is assessment of the impact of small and medium-sized businesses development programs. The fourth is a strategic assessment of factoring. As noted by Mr.Dossayev, the results of the work will be strengthening the institutional capacity of non-financial support, transfer of the best practices of cluster development in the regions, development of management systems for businesses, technical assistance to achieve compliance with quality standards and certification requirements. The project will also raise competence of members of SMEs which later will be credited under a credit line provided by the World Bank in the amount of $ 200 million.