421 billion will be allocated for the support of the small and medium business (SME) in 2020-2024, Minister of National Economy Ruslan Dalenov said.

“421 billion tenge will be provided for the next period of the program. Funding will increase by 1.5 times compared to the past 5 years”, he said at the government meeting on November 6, presenting interim results of implementation of the Business road map 2020 and the 2025 project.

As Prime Minister Asgar Mamin emphasized, strong business is one of the important factors ensuring sustainable economy, Caspian Energy News reports citing kursiv.kz.

“At the meeting of the National Investors Council held in May of this year, Kassym-Jomart Tokayev set the task to strengthen SME’s role and bring its share in the country’s economy at least to 35% by 2025. This year we have to reach a 50% indicator. Broad-scale work is carried out to reach these indicators, including amendments into the legislation”, Asgar Mamin said.

Dalenov noted that funding of one business entity will increase from 60 to 360 million tenge according to the new program. Funding and guaranteed crediting of micro-financial organizations is being introduced to increase availability of financing.

Besides, requirements to entrepreneurs in regard to creation of work places and tax payment are raised.

As a result of implementation of the Business Road Map-2025 program, the share of small and medium business in GDP should reach at least 35%, in industrial production 13.4%.