DEAR PARTNERS AND COLLEAGUES!
I am pleased to present to you the Annual Report of Industrial Development Fund JSC (hereinafter – the Fund), a subsidiary of Develop ment Bank of Kazakhstan JSC, which, in turn, is a subsidiary of National Managing Holding Baiterek JSC.
In 2024, the industrial sector showed optimis tic and stable growth. The steady development of the country's industry was driven by extensive government support, leading to the establishment of new production facilities and the expansion of existing domestic enterprises.
It is undeniable that the industrial sector, as one of the key drivers of the economy, plays a crucial role in the development of all spheres of life in the Republic. The state continues to take pro gressive and well-calibrated steps, implementing timely and effective sectoral programs.
This positive trend enables us to make a confident forecast regarding the future of domestic industry.
As one of the key financial institutions in the country, the Fund is making every effort to ensure the comprehensive development of the industrial sector.
I can confidently say that the Fund ended 2024 with strong growth, demonstrating a system atic increase in key performance indicators. This undoubtedly reflects a well-calibrated financial policy and the successful implementation of the Fund's investment projects.
One of our key achievements was securing an ESG rating of '2' with an overall score of 63 from Fitch International, a leading sustainability rating agency.
Achieving this ESG rating reinforces the effectiveness of our corporate strategy and provides additional momentum for further systematic efforts in line with our approved ESG implementation roadmap.
Additionally, in 2024, as part of Kazakhstan's transition to a "green" economy, the Fund, in collaboration with the Ministry of Ecology and Natural Resources, launched a national waste recycling, sorting, and disposal program aimed at reducing environmental impact.
Furthermore, in line with ESG's social respon sibility principles, the Fund successfully launched its f irst social bond issue on the AIX exchange in 2024, aimed at purchasing ambulances for several regions across the country.
In another significant milestone, Moody's upgraded the Fund's credit rating from "Ba1" to "Baa3", with a positive outlook, reaffirming the Fund's strong development trajectory and its commitment to supporting Kazakhstan's industrial and infrastructure sectors.
In 2025, the Fund will remain committed to the systematic implementation of Kazakhstan's industrial and innovation policy, financing projects with a high socio-economic multiplier effect—focusing on the creation of new industries, modernization of existing enterprises, expansion of production capacities, job creation, increased tax revenues, import substitution, and the enhance ment of the country's export potential.
On behalf of the Board of Directors, I would like to express my sincere gratitude to the Fund's dedicated team for their hard work, responsibility, and effective execution of our strategic objectives. I also extend my appreciation to our partners for their productive cooperation.
I am confident in the Fund's continued growth and success, as well as the successful realization of all strategic goals. Together, we will achieve remarkable results!
In 2024, the industrial sector showed optimis tic and stable growth. The steady development of the country's industry was driven by extensive government support, leading to the establishment of new production facilities and the expansion of existing domestic enterprises.
It is undeniable that the industrial sector, as one of the key drivers of the economy, plays a crucial role in the development of all spheres of life in the Republic. The state continues to take pro gressive and well-calibrated steps, implementing timely and effective sectoral programs.
This positive trend enables us to make a confident forecast regarding the future of domestic industry.
As one of the key financial institutions in the country, the Fund is making every effort to ensure the comprehensive development of the industrial sector.
I can confidently say that the Fund ended 2024 with strong growth, demonstrating a system atic increase in key performance indicators. This undoubtedly reflects a well-calibrated financial policy and the successful implementation of the Fund's investment projects.
One of our key achievements was securing an ESG rating of '2' with an overall score of 63 from Fitch International, a leading sustainability rating agency.
Achieving this ESG rating reinforces the effectiveness of our corporate strategy and provides additional momentum for further systematic efforts in line with our approved ESG implementation roadmap.
Additionally, in 2024, as part of Kazakhstan's transition to a "green" economy, the Fund, in collaboration with the Ministry of Ecology and Natural Resources, launched a national waste recycling, sorting, and disposal program aimed at reducing environmental impact.
Furthermore, in line with ESG's social respon sibility principles, the Fund successfully launched its f irst social bond issue on the AIX exchange in 2024, aimed at purchasing ambulances for several regions across the country.
In another significant milestone, Moody's upgraded the Fund's credit rating from "Ba1" to "Baa3", with a positive outlook, reaffirming the Fund's strong development trajectory and its commitment to supporting Kazakhstan's industrial and infrastructure sectors.
In 2025, the Fund will remain committed to the systematic implementation of Kazakhstan's industrial and innovation policy, financing projects with a high socio-economic multiplier effect—focusing on the creation of new industries, modernization of existing enterprises, expansion of production capacities, job creation, increased tax revenues, import substitution, and the enhance ment of the country's export potential.
On behalf of the Board of Directors, I would like to express my sincere gratitude to the Fund's dedicated team for their hard work, responsibility, and effective execution of our strategic objectives. I also extend my appreciation to our partners for their productive cooperation.
I am confident in the Fund's continued growth and success, as well as the successful realization of all strategic goals. Together, we will achieve remarkable results!
