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“Damu” Entrepreneurship Development Fund” JSC (hereinafter referred to as “Damu” Fund/ the Fund) is established in accordance with the resolution of the Government of the Republic of Kazakhstan dated April 26, 1997, No. 665 "On the Creation of a Fund for the Development of Small Business."[1]
Up to 2001, the Fund acted as an agent for accounting and monitoring the use of state budget funds under the Program of Domestic Production Support Measures, as well as through credit lines of the European Bank for Reconstruction and Development and the Asian Development Bank.
Since 2002, the Fund began lending to small enterprises directly from its own funds. Fund "Damu" implemented the "Program of lending to small businesses from the republican budget" and "Program for the development of small towns 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 Kazakhstan for 2005-2007." In accordance with this program, during 2005-2007, the Fund supported small enterprises (hereinafter - SE) through the implementation of project financing and leasing programs, a program for the development of the microcredit system in Kazakhstan, a program for guaranteeing loans of SE entities received from second-tier banks (hereinafter - STB).
Since September 2006, “Damu” Fund operates as part of the joint stock holding JSC “Sustainable Development Fund “Kazyna”.
In accordance with the Decree of the President of the Republic of Kazakhstan dated May 22, 2013, No. 571 "On Some Measures to Optimize the Management System of Development Institutions, Financial Organizations and the Development of the National Economy" 100% of the shares of the “Damu” Fund were transferred to “National Management Holding “Baiterek” JSC (hereinafter referred to as “NMH “Baiterek” JSC). Prior to the issuance of this Decree, 100% shares of the “Damu” Fund belonged to “National Welfare Fund “Samruk-Kazyna” JSC (hereinafter referred to as NWF “Samruk-Kazyna” JSC) and since December 28, 2011 were in trust of the Ministry of Economic Development and Trade of the Republic of Kazakhstan, and from April 10, 2013, in trust management of the Ministry of Regional Development of the Republic of Kazakhstan. Currently, the sole shareholder of the Fund is JSC “NMH “Baiterek”.
Since the end of 2007, the Fund has been acting as an operator for the conditional placement of funds of the Stabilization Program of the Government of the Republic of Kazakhstan.
Since 2010, “Damu” Fund is a financial agent of subsidizing rates of remuneration on loans of entrepreneurs and guaranteeing loans of entrepreneurs to banks, and also performs the functions of operator of training and consulting programs within the framework of the state program "Business Roadmap 2020" (hereinafter - DKB 2020 program).
In 2013, the change of the Sole Shareholder – “National Management Holding “Baiterek” JSC
Since 2015, “Damu” Fund is a financial agent implementing and monitoring financial support (subsidizing remuneration rates on loans of entrepreneurs, guaranteeing loans of entrepreneurs to banks) within the framework of the Unified Business Support and Development Program "Business Roadmap 2020."
In 2016, the Fund was selected as the Financial Agent for the Program for the Development of Productive Employment and Mass Entrepreneurship for 2017-2021.
In 2018, the Fund carried out the first bond issue on the site of “Kazakhstan Stock Exchange” JSC.
In 2020, the Fund successfully placed "green" bonds on the stock exchange platform of the “Astana” International Financial Center, total volume of 200 million tenge, with circulation of 3 years
In 2021, the Fund carried out successfull placement of social bonds on the platform of “Kazakhstan Stock Exchange” JSC, total volume of 1 billion tenge, with circulation period of 5 years.
Branches of the “Damu” Fund work in all regions of Kazakhstan, have significant experience in working with local entrepreneurs, public organizations, and local executive authorities.
Former name of the Fund: JSC "Small Business Development Fund".