The Damu Fund and the Eurasian Development Bank agree on cooperation

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.”

Original source: EDB
Published on 17 May 2018