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History and key milestones

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History and key milestones

"Damu" Entrepreneurship Development Fund" JSC (hereinafter - "Damu" Fund/the Fund) was established based on the Decree of the Government of the Republic of Kazakhstan of 26.04.1997 № 665 "On the establishment of small business development fund" [1] .

Before 2001 the Fund was functioning as an agent for the Management of the state budget funds for the Program of measures to support domestic commodity producers, and for loan facilities of the European Bank for Reconstruction and Development and the Asian Development Bank.

Since 2002, the Fund began lending to small businesses directly from its own funds. "Damu" Fund had implemented the "Lending program for small businesses from the national budget" and "Small towns’ development program for 2004-2006".

In May, 2005, the Government of the Republic of Kazakhstan had adopted the "Program of accelerated measures for the development of small and medium enterprises in the Republic of Kazakhstan for 2005-2007". Under this program, over the period of 2005-2007 the Fund was supporting small enterprises (hereinafter - SEs) through implementation of project financing and leasing programs, development program of microlending in Kazakhstan, and guarantee programs for SE loans received in second-tier banks (hereinafter - STBs).

Since September, 2006, "Damu" Fund has been operating as part of "Kazyna" Sustainable Development Fund" JSC Shareholding Company.

In accordance with the Decree of the President of the Republic of Kazakhstan of 22.05.2013, №571 “On certain measures to optimize development institutions, financial institutions and national economy development management system", 100% shares in "Damu" Fund were transferred to "Baiterek" National Management Holding" JSC (hereinafter –"Baiterek" NMH" JSC). Prior to this Decree 100% shares in the "Damu" Fund JSC were owned by "Samruk-Kazyna" National Welfare Fund" (hereinafter - "Samruk-Kazyna" NWF" JSC) and from 28.12.2011 were in in trust management of the Ministry of Economic Development and Trade of the Republic of Kazakhstan and from 10.04.2013 – of the Ministry of Regional Development of the Republic of Kazakhstan. Currently, "Baiterek" NMH" JSC is the sole shareholder the Fund.

Since the end of 2007 the Fund has been carrying out the functions of an operator for the conditional placement of funds under Stabilization Programme of the Government of the Republic of Kazakhstan.

Since 2010 "Damu" Fund has been a financial agent for subsidization of interest rates on loans to businesses and provision of banks with guarantees on entrepreneurs’ loans, and acting as an operator of training and consulting programmes as part of "Business Road Map 2020" government program (hereinafter – BRM 2020 Program).

Starting in 2015, "Damu" Fund has been a financial agent, implementing and monitoring financial support (subsidies for interest rates on loans to businesses, providing guarantees to banks on entrepreneurs’ loans) as part of "Business Road Map 2020" Unified business support and development program

In 2012-2014, 18 Entrepreneurs Service Centers were set up in all regional centers and cities of Astana, Almaty, Semey and Turkestan, as well as 14 mobile Business Support Centers.

"Damu" Fund branches operate in all the regions of Kazakhstan; they have considerable experience of working with local businesses, public organizations and local executive authorities.

[1] Former name of the Fund – “Small Business Development Fund” JSC.