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The first tranche in the amount of 400 million tenge through the Apex Fund created by Qazaqstan Investment Corporation (QIC) JSC is aimed at supporting agricultural needs

25.12.2024

The first tranche in the amount of 400 million tenge through the Apex Fund created by Qazaqstan Investment Corporation JSC (a subsidiary of Baiterek NMH JSC) is aimed at supporting agricultural needs.

The funds were allocated to three credit partnerships (CP): CP "Shardara-Nesiye" (Turkestan region), CP "Syr Darya-1" (Kyzylorda region) and CP "Dikhan" (Zhambyl region).

The key partners of QIC in creating the Apex Fund were the Central Credit Partnership LLP together with the management company Apex Management GP.

The main task of the Apex Fund is to create a market mechanism for financing CP and microfinance organizations, increasing the availability of financing in the regions, increasing labor productivity of agricultural enterprises and SMBs.

Particular attention is paid to creating new jobs and reducing Kazakhstan’s import dependence on food products, reducing the country’s dependence on the export of raw materials, and improving the quality of life in rural areas.

To date, CPs are limited in the sources and volumes of funding. The absence of large anchor investors causes barriers to the development of the agro-industrial complex of Kazakhstan.

The created Apex Fund is intended to become an effective tool for the development of micro and SMEs, as well as attracting foreign investment into the economy of Kazakhstan.

For reference:

Qazaqstan Investment Corporation JSC is a fund of private equity funds created to promote the sustainable development of the national economy. Activities are aimed at creating a direct investment infrastructure in Kazakhstan, attracting foreign investment in priority sectors of the economy, using leading international experience and transferring innovative knowledge and technologies into direct investment.

Credit partnership is a legal entity (which includes agricultural producers, peasant/farm enterprises, enterprises for processing agricultural raw materials, food production, etc.), created by individuals. and (or) legal persons to meet the needs of its participants for loans and other financial, incl. banking services, by accumulating funds from CP participants and from other sources.

An apex institution is an organization that accumulates and distributes funds received from investors (loans, grants, guarantees) to many small microfinance organizations in a particular country or region.

Source: zakon.kz

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