Financial System of Kazakhstan

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ECONOMIC DIVERSIFICATION IN THE REPUBLIC OF KAZAKHSTAN THROUGH SMALL AND MEDIUM ENTERPRISE DEVELOPMENT:

INTRODUCING NEW MODELS OF FUNDING FOR SMES

Gauhar Abdygaliyeva Ludmilla Coccia Yeshey Dorji Jenny Phan Azamat Seitkhaliuly Sojin Song James Stephenson Julius Thaler

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ACKNOWLEDGEMENTS Our team would like to express our appreciation to the following individuals and organizations in both the United States and Kazakhstan that have provided invaluable support to this project throughout its duration: Jacqueline Klopp, Rebecca Dahele and the entire Workshop team at the Economic and Political Development Office at the School of International and Public Affairs, Columbia University in the City of New York. The Harriman Institute CMAR Staff World Bank Kazakhstan Staff, particularly Ms. Elena Karaban The Executive Director of SMEF The Deputy Chairman of the Board of NIF and his staff Kazkommertsbank Staff Alliance Bank Staff The European Commission’s Delegation Kazakhstan, Kyrgyzstan and Tajikistan The Federation of Entrepreneurs in Almaty, Kazakhstan USAID Pragma Staff EBRD – KSBP Staff SEAF Kazakhstan Staff Mr. Tony Raposo, Innovation Norway, New York Mr. David Kyle Ms. Aigul Kazhenova Ms. Gulbanu Kazhenova Ms. Karla Jamankulova Mr. Talant Sultanov Mr. Nurlan Argunbayev Finally, we would like to thank our faculty advisor Rafis Abazov who also originated this project.

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LIST OF ACRONYMS
ADB: Asian Development Back BPI: Business Partners International (South Africa) CGC: Credit Guarantee Corporation (Malaysia) CIS: Commonwealth of Independent States CMAR: Center for Marketing and Analytical Research (Kazakhstan) DFI: Development Financial Institutions DTI: Department of Trade and Industry (United Kingdom) EBRD: European Bank for Reconstruction and Development ECU: European Currency Unit ExIm: Export-Import Bank of the United States FY: Fiscal Year GoK: Government of Kazakhstan ICT: Information Communication Technology IFC: International Finance Corporation IMP: Industrial Master Plans IT: Information Technology JSC: Joint Stock Company KMC: Kazakh Mortgage Company KSBP: Kazakhstan Small Business Program KUF: Ministry of Education, Research and Church Affairs (Norway) KZT: Kazakhstan Tenge LLC: Limited Liability Company LLP: Limited Liability Partnership LP: Limited Partnership MCTF: Multicurrency Trade Finance MIDF: Malaysian Industrial Development Finance Berhad MCO: Microcredit Outlet (South Africa) NBK: National Bank of Kazakhstan NEP: New Economic Policy NF: Research Council of Norway NIF: National Innovation Fund (Kazakhstan) NPL: Non-Performing Loan OCF: Oblast Capital Fund (Kazakhstan) R&D: Research and Development RFI: Retail Financial Intermediaries RM: Malaysia Ringgit RVCF: Regional Venture Capital Fund (United Kingdom) SBA: Small Business Association (United States of America) SBIC: Small Business Investment Company (United States) SEAF: Small Enterprise Assistance Funds SEGF: Southeast Growth Fund (United Kingdom) SIF: Small and Medium Enterprise Investment Fund SME: Small and Medium Enterprise SMEF: Small and Medium Enterprise Development Fund (Kazakhstan) SND: Industrial and Regional Development Fund (Norway) SVO: Government Consultative Office for Investors (Norway) SWOT: Strengths, Weaknesses, Opportunities and Threats USD: United States Dollar VC: Venture Capital

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Table of Contents 1. Executive Summary……………………………………………………………...5 2. Introduction………………………………………………………………………6 3. Methodology…………………………….………………………………………..7 4. Background General……………….……………………………………………………………8 Financial Sector…………………………………………………………………...8 SME Sector………………………………………………………………………..9 Current Conditions……………………………………………...………….……9 Legal Framework……………………………………………...…………….....10 Support Organizations….………………………………..…...………………..11 Kazyna…………………………………………………………………...11 Small and Medium Enterprise Development Fund (SMEF)………...…..12 Center for Marketing and Analytical Research (CMAR)………………..14 National Innovation...
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