About The Fund

JSC “Damu Entrepreneurship Development Fund” (hereinafter – “Damu” Fund / the Fund) was established by the Resolution of the Government of the Republic of Kazakhstan dated April 26, 1997, No. 665 “On the establishment of the Small Business Development Fund” [1].

Until 2001, the Fund acted as an agent responsible for accounting and monitoring the use of state budget funds under the Program of Measures to Support Domestic Producers, as well as under the credit lines of the European Bank for Reconstruction and Development and the Asian Development Bank.

Since 2002, the Fund has started providing direct loans to small businesses from its own funds. The “Damu” Fund implemented the “Lending Program for Small Business Entities from the Republican Budget” and the “Small Towns Development Program for 2004–2006.”

In May 2005, the Government of the Republic of Kazakhstan adopted the “Program of Accelerated Measures for the Development of Small and Medium-Sized Enterprises in the Republic of Kazakhstan for 2005–2007.” In accordance with this program, during 2005–2007, the Fund supported small businesses (hereinafter – SMEs) through the implementation of project financing and leasing programs, the development of a microcredit system in Kazakhstan, and a credit guarantee program for SMEs obtaining loans from second-tier banks (hereinafter – STBs).

Since September 2006, the “Damu” Fund has operated as part of the JSC “Kazyna Sustainable Development Fund” holding.

In accordance with the Presidential Decree of the Republic of Kazakhstan dated May 22, 2013, No. 571 “On certain measures to optimize the management system of development institutions, financial organizations, and national economy development,” 100% of the shares of the “Damu” Fund were transferred to JSC “Baiterek” National Managing Holding (hereinafter – JSC “NMH “Baiterek”). Before this Decree, 100% of the shares of the “Damu” Fund belonged to JSC “Sovereign Wealth Fund “Samruk-Kazyna” (hereinafter – JSC “SWF “Samruk-Kazyna”) and had been under the trust management of the Ministry of Economic Development and Trade of the Republic of Kazakhstan since December 28, 2011, and later under the Ministry of Regional Development since April 10, 2013. Currently, the sole shareholder of the Fund is JSC “NMH “Baiterek.”

Since the end of 2007, the Fund has performed the functions of an operator for the conditional placement of funds under the Government’s Stabilization Program of the Republic of Kazakhstan.

Since 2010, the “Damu” Fund has served as a financial agent for subsidizing interest rates on entrepreneurs’ loans and guaranteeing entrepreneurs’ loans to banks, as well as acting as an operator for training and consulting programs within the framework of the state program “Business Road Map 2020” (hereinafter – “BRM 2020” program).

In 2013, the Fund’s sole shareholder became JSC “Baiterek” National Managing Holding.

Since 2015, the “Damu” Fund has been a financial agent responsible for implementing and monitoring financial support measures (subsidizing loan interest rates and providing guarantees for entrepreneurs’ bank loans) under the Unified Program for Business Support and Development “Business Road Map 2020.”

In 2016, the Fund was selected as the Financial Agent for the Program for Productive Employment and Mass Entrepreneurship Development for 2017–2021.

In 2018, the Fund carried out its first bond issue on the Kazakhstan Stock Exchange (KASE).

In 2020, the Fund successfully completed its debut issuance of “green” bonds on the Astana International Financial Centre (AIFC) Exchange, totaling 200 million tenge, with a maturity period of 3 years.

In 2021, the Fund successfully completed its debut issuance of social bonds on the Kazakhstan Stock Exchange, totaling 1 billion tenge, with a maturity period of 5 years.

In 2023, the Fund approved its Development Strategy for 2024–2033.

In 2024, the Fund published its first Sustainability Report for 2023, approved by the Management Board on October 15, 2024 (Protocol No. 73/2024).

The regional branches of the “Damu” Fund operate across all regions of Kazakhstan and have extensive experience in cooperation with local entrepreneurs, public organizations, and local executive authorities.

Former name of the Fund: JSC "Small Business Development Fund".