Within the framework of the New Economic Policy announced by the Head of State in his Address to the People of Kazakhstan, the issue of financing the real sector of the economy and the shift of banks’ focus toward consumer lending was raised. In this regard, the activities of microfinance organizations aimed at supporting micro and small businesses, primarily in rural areas, are becoming particularly relevant. Traditionally, microfinance serves as one of the tools for increasing business activity by expanding access to credit for those segments of the population that do not have the opportunity to obtain bank loans for business development.
In this context, USAID organized a round table where the report prepared by the USAID/FGI team was presented, reflecting the results of the analysis of the current microfinance legislation in Kazakhstan. The report includes a number of developed recommendations, which were also presented during the round table The format of the round table was designed to stimulate active dialogue and cooperation among all stakeholders, fostering the development of partnerships that can ultimately lead to tangible results in the sector’s development.
Participants of the round table included the First Deputy Chairman of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market N.A. Abdrakhmanov, Chairman of the Committee on Finance and Budget M.T. Takiyev, Chairman of the Board of Directors of AMFOK Sh.A. Zhusupov, Deputy Chairman of the Agrarian Credit Corporation A.E. Doskaraev, Deputy Chairman of the Management Board of the «Damu» Fund E.A. Eskakov, as well as representatives of major MFIs, the First Credit Bureau, and others.
Following the round table, a final protocol will be prepared and submitted to all relevant government authorities.
The USAID report can be accessed here
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