Marat YELIBAEV
Chairman of the Board of Directors
Industrial Development Fund JSC
Industrial Development Fund JSC
DEAR PARTNERS AND COLLEAGUES!
Let me present to you the Annual Report of Industrial Development Fund JSC, a subsidiary of Development Bank of Kazakhstan JSC, which is a subsidiary of National Managing Holding Baiterek JSC.
In 2023, the industrial sector of Kazakhstan demonstrated sustainable growth, supported by the implementation of programs for the technological modernization of enterprises and the expansion of production capacities.
In 2023, the industrial sector of Kazakhstan demonstrated sustainable growth, supported by the implementation of programs for the technological modernization of enterprises and the expansion of production capacities.
These measures were aimed at increasing the competitiveness of domestic products and strengthening the country's export potential. In 2023, the Fund supported over 30 projects in the manufacturing industry. Their implementation led to the creation of approximately 5,200 new jobs, provided tax revenues to the country's budget and thereby contributed to economic diversification.
One of the main changes in the operation of the Industrial Development Fund in 2023 was the approval of a new Development Strategy for the Fund for the years 2024-2033. Additionally, amendments were made to the Rules of Operation, allowing the Fund to provide financing to second-tier banks, private leasing companies, social entrepreneurship corporations, and other f inancial organizations. These changes will help meet the growing business demand for investment and government support, thereby contributing to the sustainable development of the industrial sector.
One of the main changes in the operation of the Industrial Development Fund in 2023 was the approval of a new Development Strategy for the Fund for the years 2024-2033. Additionally, amendments were made to the Rules of Operation, allowing the Fund to provide financing to second-tier banks, private leasing companies, social entrepreneurship corporations, and other f inancial organizations. These changes will help meet the growing business demand for investment and government support, thereby contributing to the sustainable development of the industrial sector.
n 2023, the international rating agency Moody's Investors Service published ratings for several Kazakhstani financial organizations, including the Industrial Development Fund. The Fund's long-term rating was upgraded from "Ba2" to "Ba1", with a "Positive" outlook, confirming its active development as a significant financial institution.
The Fund's activities are aimed at supporting enterprises in the manufacturing industry and infrastructure development. In 2024, the Industrial Development Fund continued to work on implementing the Industrial and Innovation Policy of the Republic of Kazakhstan, and financing projects, providing socio-economic effect and an increase in labor productivity, production, and export volumes.
On behalf of the Board of Directors, I express my sincere gratitude and appreciation for the contribution of the Fund's team and the productive cooperation of partners. I am sure that this partnership will primarily serve the economic benefit of the Republic of Kazakhstan M. Yelib
The Fund's activities are aimed at supporting enterprises in the manufacturing industry and infrastructure development. In 2024, the Industrial Development Fund continued to work on implementing the Industrial and Innovation Policy of the Republic of Kazakhstan, and financing projects, providing socio-economic effect and an increase in labor productivity, production, and export volumes.
On behalf of the Board of Directors, I express my sincere gratitude and appreciation for the contribution of the Fund's team and the productive cooperation of partners. I am sure that this partnership will primarily serve the economic benefit of the Republic of Kazakhstan M. Yelib
