Kazakhstan’s Small Business Development and Economy
July 7th, 2010
In the anti-crisis events that happened between 2008 and 2009, 127 billion Kazakh tenge was allotted in promoting small and mid-sized businesses.
Such an effort earned Kazakhstan a position in worldwide rankings. In fact, in the World Bank ranking, the country was the 63rd out of 183. Prior to that, it was the 70th in 2008 and 80th a year before that. In addition to this, based on the IMD World Competitiveness Yearbook in 2009, Kazakhstan was ranked the 36th. This ranking was a significant improvement of their 2008 position, where the country ranked 39th.
Small and medium-sized business were provided loans in acquiring new assets, refinancing operating loans, initiating work capital and renewing existing assets.
Financial System
At present, the Alliance Bank’s restructuring commitments had been dealt with. The BTA Bank, previously known as Bank TuranAlem and currently the largest Bank in the country, reached an agreement on financial debt pardon with its external creditors. Thus, the two banks’ total debt was lessened from $15B to $5B. Since then, the nation’s banking system has been stabilized. While other banks are struggling for stability, the State would form actions in selling its stake to the private sector.
As of December 1st 2009, Kazakhstan’s banking system deposits totaled to 6,257.9 billion Kazakh tenge, which was an improvement by 20.1% from 2008. Likewise, the population’s deposit amounted to 1,806.8 billion tenge, which was an increase by 25.2%.
