The Damu Fund and the Eurasian Development Bank agree on cooperation

17 May 2018

The Damu Entrepreneurship Development Fund (Damu Fund) and the Eurasian Development Bank (EDB) signed a memorandum of understanding and cooperation at the Astana Economic Forum. 

The document was executed by Abay Sarkulov, Chairman of the Board of Directors of the Damu Fund, and Andrey Beliyaninov, Chairman of the EDB Management Board, to form a partnership and develop long-term and mutually beneficial cooperation aimed at promoting private businesses in Kazakhstan. 

The memorandum outlines key areas of cooperation, including:

  • the EDB’s participation in investment projects to support SMEs and other private business projects supported by the Damu Fund, including with the participation of companies from other EDB member states;
  • negotiation with the National Bank of Kazakhstan of the provision of tenge liquidity to the EDB in order to implement SME projects in cooperation with the Damu Fund; and
  • searching for potential investment opportunities to advance the private sector in the EDB member states and achieve the strategic objectives of the Damu Fund and the EDB. 

Andrey Beliyaninov, Chairman of the EDB Management Board, commented that “The EDB is ready to consider the provision of financial assistance for the development of private businesses and SME investment projects. We believe that supporting SMEs is one of the effective tools that contribute to the sustainable development of the country’s economy.” 

Abay Sarkulov, Chairman of the Board of Directors of the Damu Fund, added that “The signature of this memorandum will enhance our efforts aimed at promoting and supporting the private sector in Kazakhstan, and we will launch specific mutually beneficial projects and programmes in the near future.”

Additional Information:

The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.

The EDB Media Centre:

+7 (727) 244 40 44, ext. 6147 (Almaty)

The Damu Entrepreneurship Development Fund (Damu Fund) is a national development institution with 100% of shares owned by the Baiterek National Management Holding. The Fund’s mission is to promote the quality development of SMEs and microfinance institutions in Kazakhstan, serving as an integrator and operator of financial and consulting services.

Tel.: +7 (727) 2445566 (ext. 1042), web: www.damu.kz

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