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Figure 2: Amount of Credit of Second-Tier Banks in Priority Sectors, bln KZTFigure 2: Amount of Credit of Second-Tier Banks in Priority Sectors, bln KZT
Note: STB = second-tier bank, KZT = Kazakhstan tenge.
Source: National Bank of the Kazakhstan, “First Credit Bureau” LLP. Accessed 2 July 2018. https://old.damu.kz/content/
files/17/11/01_presentationOfDamuEntrepreneurshipDevelopmentFundJointStockCompanyDevelopmentStrategyFor
2014_2023YearsInNewEdition.pdf.
On the other hand, the breakdown of the “Damu” Fund’s credit into subsidies and
conditional and guaranteed credit shows the primacy of subsidized credit in the priority
sector, with the “Damu” Fund providing approximately two-thirds of loans under a
subsidized scheme. However, only around 4% of credit receives a guarantee. The same
applies to credit in the processing industry since 2016. Throughout 2015, the “Damu”
fund provided almost 60% of its credit through a conditional investment fund. In 2016,
the amount of subsidized credit increased from KZT90 bln to KZT235 bln, an increase of
161%, which increased the share of subsidized credit in the overall portfolio to 62.8%.
Meanwhile, the amount of guaranteed credit is considerably smaller than
that in the priority sectors in magnitude, and its share decreased to only 2.4% in
2016 (Table 2).
6
The list of priority sectors includes the agricultural sector, mining industry, light industry and production of
furniture, tourism, and so on. The full list is available at http://astana.gov.kz/en/modules/
material/11282.
7
https://old.damu.kz/content/files/17/11/01_presentationOfDamuEntrepreneurshipDevelopmentFundJoint
StockCompanyDevelopmentStrategyFor2014_2023YearsInNewEdition.pdf
.
ADBI Working Paper 904
Y. Dosmagambet et al.
7
Table 2: Amount of Credit of Second-Tier Banks under “Damu” Programs,
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