Prime Minister Olzhas Bektenov held a meeting on the implementation of instructions of the Head of State in terms of increasing financing of the real sector of the economy by second-tier banks, El.kz cites primeminister.kz.
Attention was paid to the implementation of programmes on construction and modernization of large infrastructure projects.
New approaches of the Government to stimulate the participation of banks in priority financing of business were considered.
Deputy Minister - Minister of National Economy Serik Zhumangarin reported that only 21.2 per cent of assets of STBs account for business lending, more than 16.5 % are unsecured consumer loans, the share of highly liquid assets has increased to 29.6 %.
The draft of the new Tax Code proposes to retain the CIT rate of 20% on income from lending to the corporate sector, and 25% for the consumer sector, and to abolish VAT exemptions for about 500 billion tenge on a number of financial transactions. These measures are designed to increase tax deductions, equalise the tax burden and balance the asset structure of banks, redirecting their resources to the real economy.
It is noted that the strategic goal should be a targeted increase in the limits of potential GDP. This requires an understanding of where to focus investments and what institutional support is needed to increase the productivity of Kazakhstan's economy in the medium and long term.
Rustam Karagoyshin, Chairman of the Board of NUH Baiterek, presented the main tools to support and lend to entrepreneurship (Primeminister.kz). In 2024, the Holding's total contribution to support sectors of the economy totalled about 4 trillion tenge. In 2025, it is planned to allocate about 8 trillion tenge for these purposes with further increase of financing up to 10 trillion tenge by 2027. As part of the involvement of STBs in financing the real sector, a number of measures aimed at increasing liquidity are proposed.
Implementation of 84 major investment projects is envisaged. Priority will be given to manufacturing, infrastructure and housing construction. State guarantees will be increased, thanks to which construction work will cover about 13,000 km of roads and 585 km of railways. Within the framework of the national project on modernisation of Energy and Utilities Sector, over 13 trillion tenge will be invested over 5 years, of which 1.2 trillion tenge will be invested this year. A record commissioning of housing is expected at least 19 million m².
In turn, chairman of the Association of Financiers of Kazakhstan Elena Bakhmutova said that STBs continue to increase lending to the economy. In 2024, the total number of business borrowers increased from 441 to 532 thousand. In January alone, the banking sector issued 1.1 trillion tenge of new loans, despite the traditional slowdown in business activity in the first month of the year.
Representatives of the domestic banking sector expressed their readiness to actively participate in the implementation of programmes of Baiterek Holding, aimed at financing major investment projects and strategic industries. At the same time, the issues of capitalisation of the SME loan guarantee fund, taxation and improvement of administration, expansion of the list of industries with access to preferential financing, digitalisation to increase the speed of obtaining a loan, improvement of interaction with government agencies were raised. The proposals were made by the Chairmen of the Boards of ForteBank JSC Talgat Kuanyshev, Eurasian Bank JSC Lyazzat Satieva, Bank CenterCredit JSC Ruslan Vladimirov, Halyk Bank of Kazakhstan JSC Umut Shayakhmetova, as well as the Chairman of the Presidium of Atameken NCE Rayimbeken Batalov.
Chairman of the National Bank Timur Suleimenov, Deputy Prime Minister - Minister of National Economy Serik Zhumangarin, Chairman of the Agency for Development and Regulation of Financial Market Madina Abylkasymova, Chairman of the Board of NUH Baiterek Rustam Karagoyshin commented on the announced proposals.
Following the discussion, Prime Minister noted the importance of joint implementation of new approaches to financing the economy and emphasised the attention of bank management to the issue of local content.
"The President at the enlarged Government session set a task to involve the resources of second-tier banks for the implementation of the Government's programmes on construction and modernization of large infrastructure projects.
The increase in capitalisation of Baiterek is aimed at involving more liquidity in the economy, including through second-tier banks. This will give a serious impetus to the development of the country's economy in this and subsequent years. It is important to work in a coordinated and coherent manner with banks to ensure that this programme has the maximum effect. We are ready to work openly, show all the mechanisms so that financing would be done jointly with STBs, and development institutions in turn will assist in this.
In all projects that we will support, the share of local content is a priority issue. We will look at each project in detail: everything that is produced in Kazakhstan should be purchased in Kazakhstan, not imported. This work should be done digitally. An entrepreneur, who implements a particular project at favourable rates with the help of the state, should buy from Kazakhstanis," Prime Minister stressed.