A strategic session dedicated to reviewing the performance of the Industrial Development Fund JSC (IDF) and discussing new initiatives was held at Development Bank of Kazakhstan JSC (a subsidiary of Baiterek National Managing Holding, hereinafter – DBK, or the Bank).
The meeting was chaired by Rustam Karagoishin, Chairman of the Management Board of Baiterek National Managing Holding JSC. The session was attended by Marat Yelibayev, Chairman of the Management Board of Development Bank of Kazakhstan JSC; Rinat Gapparov, Chairman of the Management Board of Industrial Development Fund JSC; as well as members of the Boards of Directors – independent directors of DBK Anvar Saidenov and Askar Yelemesov, and of IDF – Aigul Zhailaubekova, Yerkanat Makanov, and Dauren Turysbekov.
“Since last year, a programme to support entrepreneurs totalling 8 trillion tenge has been implemented. Subsidy mechanisms are continuing, and new reserve sources for development have been identified, which is especially important during periods of instability. Significant work has also been done to strengthen guarantee funds. The next stage involves developing an Investment Bureau that will provide support for investment projects,” noted Rustam Karagoyshin, Chairman of the Management Board of Baiterek National Managing Holding, emphasising that borrowing and investment attraction policies must be prudent, well-considered, and balanced.
During the session, Rinat Gapparov, Head of the Industrial Development Fund, presented the key results of the Fund’s activities for the first nine months of 2025. The Fund’s assets reached KZT 3,003.8 billion, showing a 21% growth compared to the beginning of the year. The project portfolio also increased by 22%, amounting to KZT 2,447 billion. The Fund’s net income for the nine months of 2025 totalled KZT 45.7 billion.
As of 23 October 2025, the total amount of financing stood at KZT 627 billion, including KZT 563.4 billion in leasing finance and KZT 63.6 billion in loans. More than 113,500 people are employed at enterprises financed by the IDF.
Other indicators also demonstrated positive dynamics. In the previous year, the Fund’s Moody’s credit rating was upgraded from Ba1 to Baa3, while its Sustainable Fitch ESG rating improved from 63 to 66 points.
Participants were also briefed on the Fund’s ongoing efforts to support domestic production. To date, 136 projects in the manufacturing sector have been financed. As part of programmes to modernise industrial assets, 6,237 buses, 18,408 freight wagons, 3,260 units of specialised machinery, 5 aircraft and 9 helicopters have been renewed. The share of domestically manufactured equipment in the total supply volume exceeded 91.9%.
“In accordance with the Law of the Republic of Kazakhstan ‘On Industrial Policy’, the activities of the Industrial Development Fund should be focused on the machine-building sector. Overall, the Fund needs to prioritise not only large-scale projects, but also the broad involvement of small and medium-sized enterprises, including leasing companies and banks. It is important not to concentrate all efforts solely on long-term major projects, but to stimulate business participation and develop flexible financing instruments,” said Marat Yelibayev, Chairman of the Management Board of Development Bank of Kazakhstan.
The strategic session also considered several new initiatives focused on SME support, digitalisation and the development of innovative business models, including:
- financing projects in the manufacturing and transport infrastructure sectors, as well as SME projects, at a unified interest rate of 12.6% with maturities of up to 20 years;
- digitalisation of business processes, including the introduction of client scoring systems via the online personal account;
- attracting external funding, such as a loan from the Islamic Development Bank to support infrastructure development in special economic and industrial zones;
- attracting foreign direct investment and foreign currency financing;
- promoting the development of the domestic capital market through the purchase of bonds issued by LLPs to support SMEs.
Aigul Zhailaubekova, Independent Director of the Industrial Development Fund, proposed introducing creative transitional solutions to strengthen the Fund’s digitalisation and automation efforts, including cooperation with third-party platforms.
“This concerns not the entire SME segment, but those areas where cooperation with second-tier banks could be more effective. Banks have branch networks and better knowledge of SME specifics. They can take into account additional income sources and use project rating tools that we, due to our mandate, cannot apply directly. Therefore, such cooperation could be mutually beneficial. It will also help us attract clients faster, particularly in relation to scoring instruments,” explained Zhailaubekova.
Askar Yelemesov, Independent Director of Development Bank of Kazakhstan, emphasised that the IDF team demonstrates a deep understanding of industry processes and a high level of professionalism even without external consultants.
“In my experience, the success of any development institution depends on the team by at least 90%. Analytical tools and scoring systems are certainly important, but the main factor is human capital – competence, stability and teamwork. In my observation, the level of expertise accumulated within the IDF exceeds that of many second-tier banks,” Yelemesov noted.
In conclusion, participants of the session highlighted the high level of progress achieved and identified priority areas for the Fund’s further work to support Kazakhstan’s industrial development.
