On approval of the Rules for Monitoring projects implemented within the framework of State support measures for private entrepreneurship

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Order of the Deputy Prime Minister - Minister of National Economy of the Republic of Kazakhstan dated February 2, 2026 No. 8. Registered with the Ministry of Justice of the Republic of Kazakhstan on February 3, 2026 No. 37936

In accordance with subparagraph 2) Paragraph 3 of Article 16 of the Law of the Republic of Kazakhstan "On State Statistics" and Resolution of the Government of the Republic of Kazakhstan dated September 17, 2024 No. 754 "On certain measures of state support for private entrepreneurship" I ORDER:

1. To approve the attached Rules for monitoring projects implemented within the framework of state support measures for private entrepreneurship.

2. Invalidate them:

1) Order of the Minister of National Economy of the Republic of Kazakhstan dated June 1, 2022 No. 41 "On Approval of the Rules for Monitoring Projects implemented within the framework of the National Entrepreneurship Development Project for 2021-2025" (registered in the Register of State Registration of Regulatory Legal Acts No. 28338);

2) Order of the Minister of National Economy of the Republic of Kazakhstan dated September 18, 2023 No. 162 "On Amendments and Additions to the Order of the Minister of National Economy of the Republic of Kazakhstan dated June 1, 2022 No. 41 "On Approval of the Rules for Monitoring Projects Implemented within the framework of the National Entrepreneurship Development Project for 2021-2025" (registered in The Register of State Registration of Regulatory Legal Acts No. 33445).

3. The Department of State Support and Protection of Entrepreneurship of the Ministry of National Economy of the Republic of Kazakhstan, in accordance with the procedure established by law, shall ensure the state registration of this order with the Ministry of Justice of the Republic of Kazakhstan and its posting on the Internet resource of the Ministry of National Economy of the Republic of Kazakhstan after the day of its first official publication.

4. Control over the execution of this order is entrusted to the supervising Vice Minister of National Economy of the Republic of Kazakhstan.

5. This order shall enter into force upon the expiration of ten calendar days after the date of its first official publication.

Deputy Prime Minister – Minister of National Economy of the Republic of Kazakhstan

S. Zhumangarin

"APPROVED"Agency for the Protection and Development of Competition of the Republic of Kazakhstan

"AGREED UPON" by the Bureau of National Statisticsagency for Strategic Planning and Reform of the Republic of Kazakhstan

Approved by the Order of the Deputy Prime Minister - Minister of National Economy of the Republic of Kazakhstan on February 2, 2026 No. 8

Rules for monitoring projects implemented as part of government support measures for private entrepreneurship

Chapter 1. General provisions

1. These Rules for Monitoring Projects Implemented within the framework of state Support measures for Private Entrepreneurship (hereinafter referred to as the Monitoring Rules) have been developed in accordance with subparagraph 2) Paragraph 3 of Article 16 of the Law of the Republic of Kazakhstan "On State Statistics" and Resolution of the Government of the Republic of Kazakhstan dated September 17, 2024 No. 754 "On certain measures of State support for Private Entrepreneurship" (hereinafter referred to as the Resolution) determine the procedure for monitoring projects implemented under the Subsidy Rules (hereinafter referred to as the Resolution). – Rules of Subsidization), Rules for the Provision of Guarantees within the framework of Guarantee Funds (hereinafter referred to as the Rules of Guarantee), Rules for the Provision of State Grants for Social Entrepreneurship Entities (hereinafter referred to as the Rules for the Provision of State Grants), approved by the Resolution.

These Monitoring Rules apply, among other things, to projects approved under previously existing business support programs specified in the Resolution.

2. Damu Entrepreneurship Development Fund Joint Stock Company (hereinafter referred to as the Financial agency) monitors the provision of guarantees for loans/financial leasing/contingent liabilities/forward contracts/bonds/options, subsidizing part of the interest rate on loans/leasing/part of the coupon rate on bonds/parts of the margin on goods and rental payments that make up the income of Islamic banks/loans issued through a crowdfunding platform and the provision of government grants in accordance with the Decree.

3. The following terms and definitions are used in these Monitoring Rules:

1) a bank is a legal entity that is a commercial organization that, in accordance with the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan", is authorized to carry out banking activities. The joint-stock company Development Bank of Kazakhstan also belongs to the bank;

2) bank loan / loan (hereinafter referred to as loan) – the amount of money provided by the lender to the entrepreneur on the basis of a bank loan agreement / option agreement / forward agreement on terms of urgency, payment, repayment, security and intended use, including under a financing agreement for assignment of monetary claims (factoring). A bank loan also includes a credit line.

For an Islamic bank, a loan is understood as financing – deferral or installment payment for goods provided by an Islamic bank/Islamic leasing company to an entrepreneur and/or provision by an Islamic bank/Islamic leasing company of property (leased item) to an entrepreneur on a lease (lease) basis;

3) grant – public funds allocated to the grantee free of charge in accordance with the grant agreement in accordance with the terms of the Rules for the Provision of State grants;

4) grantee – a small and medium-sized business entity, including social entrepreneurship entities, to which, according to the decision of the competition commission, a grant is provided in accordance with the terms of the Rules for Granting state Grants.;

5) grant agreement is a trilateral agreement in the form approved by the authorized business body, concluded on the web portal of the subsidy information system in electronic form between the regional coordinator, a financial agency and a small business entity, under the terms of which an entrepreneur is provided with a targeted grant for the implementation of business ideas.;

6) reporting period – a calendar reporting period that begins on January 1 and ends on December 31;

7) "green" projects – defined on the basis of an approved classification (taxonomy) of projects aimed at improving the efficiency of using existing natural resources, reducing negative environmental impacts, improving energy efficiency, energy conservation, mitigating the effects of climate change and adapting to climate change, in accordance with the environmental legislation of the Republic of Kazakhstan;

8) "green" taxonomy – classification of "green" projects subject to financing through "green" bonds and "green" loans, according to the environmental legislation of the Republic of Kazakhstan;

9) a project is a set of actions and activities in various business areas carried out by an entrepreneur as an initiative aimed at generating income and not contradicting the legislation of the Republic of Kazakhstan.;

10) project monitoring – monitoring of the activities of an entrepreneur/grantee/issuer, conducted by the financial agency together with representatives of the lender by verifying the actual implementation of the project in accordance with the terms of the Resolution, including by visiting the project implementation site and using the financial agency's mobile application;

11) Islamic bank is a second–tier bank engaged in banking activities provided for in Chapter 4-1 of the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan", on the basis of a license, as part of the implementation of the Resolution;

12) entrepreneur – a small, medium and large business entity, defined in accordance with the Resolution, as well as a social business entity represented by an individual entrepreneur and (or) a legal entity (with the exception of a large business entity) included in the register of social business entities;

13) Warranty – the financial agency's obligation to the lender to be responsible for fulfilling the entrepreneur's obligations to pay part of the principal debt under the loan agreement/financial lease agreement/conditional obligation/forward agreement/option agreement/to pay part of the nominal value of the placed bonds/agreement on the completion of the project (including payment or securing payment and repayment of all project costs and others financial and non-financial obligations), on the support of shareholders/participants (project agreement) arising from the guarantee agreement, within the amount of the guarantee;

14) guarantee is a form of state support for entrepreneurs used in the form of providing a partial guarantee as security for the fulfillment of obligations under a loan/financial lease/conditional obligation/placed bonds of an entrepreneur on the terms determined by the Resolution and the guarantee agreement/guarantee obligation;

15) guarantee obligation – an obligation issued by a financial agency to be responsible to a creditor for the fulfillment of obligations by an entrepreneur under a loan agreement/financial leasing agreement/conditional obligation/ forward agreement/bonds/option agreement and other obligations, in a form approved by the authorized body of the financial agency.

The guarantee obligation is provided on paper/in the form of an electronic document, while the electronic form of the guarantee obligation is signed with an electronic digital signature in accordance with the current legislation of the Republic of Kazakhstan.;

16) a guarantee agreement is a three–way written agreement concluded between a financial agency, a creditor and an entrepreneur on the provision of a guarantee in a form approved by the authorized business body.

The guarantee agreement is concluded on paper / in electronic form, while the electronic form of the guarantee agreement is signed with an electronic digital signature in accordance with the current legislation of the Republic of Kazakhstan.

The concept of a guarantee agreement also includes a bond guarantee agreement. – a trilateral written agreement concluded between a financial agency, a representative of bondholders and an issuer, under the terms of which the financial agency guarantees payment of a portion of the nominal value of the placed bonds issued by private business entities in accordance with the legislation of the Republic of Kazakhstan and included in the official list of the stock exchange operating in the territory of the Republic of Kazakhstan, as well as in accordance with Astana International Financial Center (hereinafter – AIFC) and included in the list of the AIFC Stock Exchange, in a form approved by the authorized business body in accordance with the Resolution;

17) the competition commission is a collegial and advisory body for the selection of applications from entrepreneurs applying for grants, convened by the decision of the head of the regional coordinator;

18) crowdfunding is a licensed investment and loan crowdfunding platform in the Republic of Kazakhstan, registered on the territory of the AIFC;

19) lender – a bank, an Islamic bank, a leasing company, an Islamic leasing company, an organization engaged in microfinance activities, crowdfunding, an investor, a representative of bondholders, a subsidiary of a national management holding, a national company implementing state policy in the grain industry, international financial institutions, including those with state participation, foreign banks and other legal entities within the framework of the implementation of these Monitoring Rules;

20) targeted use of the loan/financing/grant/financial leasing/contingent liability/funds from the placed bonds – use by the entrepreneur/grantee/issuer of the loan/ financing/grant/financial leasing/conditional obligation/ funds received from the placed bonds under the loan agreement/grant agreement/financial leasing agreement/conditional obligation/bond issue prospectus for the purposes established by the loan agreement/grant agreement/financial leasing agreement/ conditional obligation/financing agreement/bond issue prospectus and decision of the financial agency/tender commission, corresponding to the terms of the Resolution.

The intended use is confirmed by the relevant documents, which together confirm the payment, receipt, use and visual confirmation (within the framework of activities that do not contradict the terms of the Resolution) by the entrepreneur / grantee / issuer in full of the asset / works/ services and (or) the achievement of other goals, in accordance with the terms of the Resolution;

21) a financial leasing agreement is a written agreement concluded between a leasing company/bank and an entrepreneur under the terms of which the leasing company/bank provides financial leasing to the entrepreneur.

For an Islamic leasing company, it is a written agreement concluded between an Islamic leasing company and an entrepreneur, under the terms of which the Islamic leasing company provides the entrepreneur with property (the leased item) on the terms of the lease;

22) a loan/micro–loan agreement/option agreement/forward agreement/financing agreement for the assignment of a monetary claim (factoring) (hereinafter referred to as the loan agreement) is a written agreement concluded between the lender and the entrepreneur, under the terms of which the loan is provided to the entrepreneur. The loan agreement also includes an agreement on opening a credit line.

For an Islamic bank, a loan agreement is understood as a financing agreement – a written agreement concluded between an Islamic bank and an entrepreneur, under the terms of which the Islamic bank provides a commercial loan to an entrepreneur who is a buyer or seller of goods or provides the entrepreneur with property (leased) on the terms of leasing (lease) (the financing agreement also includes a general financing agreement, under which which the Islamic bank and the entrepreneur conclude separate agreements on the provision of commercial loans (financing);

23) a leasing company (including an Islamic leasing company) is a legal entity other than a bank operating in accordance with the Law of the Republic of Kazakhstan "On Financial Leasing" and participating in the implementation of the Resolution;

24) leasing transaction (leasing) – a set of coordinated actions of leasing participants aimed at establishing, changing and terminating civil rights and obligations;

25) microcredit (hereinafter referred to as credit) – money provided by an organization engaged in microfinance activities to a small business, including microenterprises, in the national currency of the Republic of Kazakhstan in an amount not exceeding eight thousand times the monthly calculation index (hereinafter referred to as MCI) established for the relevant financial year by the law on the republican budget, on payment terms, urgency and returnability;

26) an organization engaged in microfinance activities (hereinafter referred to as an MFO) is a microfinance organization engaged in the provision of microcredit;

27) mobile application – an electronic application of a financial agency that allows for the inspection of facilities/assets/project locations according to a given algorithm;

28) monitoring report – a monitoring report prepared by a financial agency and signed by the lender/regional coordinator/grantee/issuer in accordance with the form established by the financial agency;

29) a representative of bondholders is a professional participant in the securities market who is not affiliated with the issuer of these bonds, acting in the interests of bondholders with a subsidized coupon rate on the basis of an agreement concluded with the issuer in the process of bond circulation on the secondary securities market, payment of interest on bonds and their repayment.;

30) option – the right of the direct investment fund (hereinafter referred to as the FPI) to sell the participation interest / shares of the entrepreneur / applicant, and the obligation of the entrepreneur / applicant / participant and (or) shareholder and (or) another person to pay and redeem the entire share of the FPI at the purchase price, or part of it, as reflected in the requirement of the FPI;

31) option agreement – an agreement between an entrepreneur, FPI, participants and (or) shareholders and (or) other persons stipulated by the terms of the project, which provides for the terms of the entrepreneur's investment, including (without limitation) the obligation of the parties to repurchase shares owned by FPI and (or) shares in the authorized capital of the entrepreneur in in accordance with the established procedure and within the stipulated time frame;

32) central securities depository is a specialized non–profit joint-stock company engaged in activities stipulated by the Law of the Republic of Kazakhstan "On the Securities Market";

33) regional coordinator – a structural subdivision of the local executive body determined by the akim of the region (capital, cities of republican significance);

34) subsidies – periodic payments on a gratuitous and irrevocable basis, paid by a financial agency to a bank/leasing company/MFO/issuer as part of subsidizing entrepreneurs on the basis of subsidy agreements/bank loan agreements/financing agreements/loan agreements and/or payment schedule;

35) subsidization is a form of state financial support for entrepreneurs used to partially reimburse expenses paid by an entrepreneur/issuer to a bank/leasing company/ MFO/bondholder as a reward or markup on goods/part of the rental payment on loans/financial leasing/ financing/ issued bonds in exchange for meeting certain conditions in the future related to to the operational activities of the entrepreneur/issuer;

36) a subsidy agreement and/or an affiliation agreement (hereinafter referred to as a subsidy agreement) is a three–party written agreement determined in accordance with the Subsidy Rules;

37) external assessment provider – an organization that carries out an independent assessment of a planned or ongoing "green" project with the preparation of an appropriate conclusion on the compliance of the project under consideration with the threshold value of the "green" taxonomy;

38) a forward contract is a binding fixed–term contract, according to which the buyer and seller agree to supply goods of a specified quality and quantity or currency on a certain date in the future, where the buyer is a national company implementing state policy in the grain industry.;

39) franchising (comprehensive business license) is an entrepreneurial activity in which the holder of a set of exclusive rights grants it for use on a reimbursable basis to another person.;

40) contingent liabilities – financing in the form of bank guarantees and letters of credit;

41) the issuer is an entrepreneur who issues bonds.;

42) guarantee fund 2 – a set of funds formed at the expense of the sole shareholder of the financial agency, the republican budget, as well as the amounts of commissions for issuing guarantees from entrepreneurs intended to provide guarantees on loans/ financial leasing agreements / bonds /option agreements for projects with financing in excess of 7 (seven) billion tenge.

Chapter 2. Monitoring by a financial agency

4. The project is monitored in accordance with the monitoring plan for the relevant financial year approved by the financial agency and the public procurement contract for services, and in cases specified by these Monitoring Rules, Resolution, contracts/agreements concluded by the financial agency with the lender/entrepreneur/grantee/issuer, regulatory legal acts of the Republic of Kazakhstan regulating the monitoring procedure by the financial agency for projects of entrepreneurs, as well as at the request of the regional coordinator, the court, law enforcement and other government agencies.

5. The Financial Agency prepares and approves the monitoring plan for the next calendar year for projects no later than 20 (twenty) business days before the start of the new monitoring period in the next calendar year.

6. The procedure and timing of project monitoring are determined according to the monitoring plan and adjusted depending on the number of projects to be monitored, customer requirements under agency agreements and other contracts under which the financial agency performs monitoring functions.

7. Project monitoring is not carried out for projects of entrepreneurs for which loans have been repaid as of the date of sending the financial agency's notification of monitoring, or subsidies/guarantees for them have been terminated based on a decision of the financial agency, as well as for projects for which state grants (hereinafter referred to as grant financing) have been provided, for which, as of the date of monitoring, refund of funds, including according to the decision of the competition commission. The exceptions are projects for which the financial agency previously provided an additional period to confirm the project's compliance (intended use) with the terms of these Monitoring Rules, as well as projects for which the financial agency monitors the fulfillment of counter obligations by the entrepreneur (performance criteria).

8. Project monitoring is carried out without visiting the project implementation site for projects aimed at replenishing working capital.

9. For projects aimed at investment purposes, the financial agency carries out a visit to the project implementation site (visual confirmation of project implementation) upon the expiration of the investment phase of the project (after the deadline for fulfilling the terms of the contract/agreement concluded with the counterparty), but no later than 1 (one) year from the date of conclusion of the subsidy agreement. Subsequently, the deadlines for departure to the project implementation site are determined according to the additional deadline provided by the financial agency in accordance with the terms of the Resolution.

10. The project is monitored on the basis of documents provided by the lender and the entrepreneur/grantee/issuer upon written notification/request from the financial agency.

Chapter 3. Functions of a financial agency in project monitoring

11. When monitoring subsidized projects, the financial agency carries out:

1) monitoring the targeted use of credit/leasing/ financing/funds from placed bonds by an entrepreneur with whom a subsidy agreement has been concluded based on data and documents provided by the lender;

2) monitoring of the entrepreneur's payment discipline based on data provided by the lender;

3) monitoring the implementation of the project, including the use of the leased item under the financial leasing agreement;

4) monitoring the compliance of the project and (or) the entrepreneur with the terms of the Resolution and (or) the decision of the financial agency/lender.

To monitor the compliance of an entrepreneur with the terms of the Resolution and (or) the decision of the financial agency, the financial agency, on a semi-annual basis (no later than January 15 and July 15 of the current year), sends a request on the status of a business entity (suspension/termination of activity) to the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan with the attached list of entrepreneurs, which have valid subsidy agreements.

After receiving information from the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan, in case of identification of the suspension / termination of the entrepreneur's activities in the presence of a valid subsidy agreement, the financial agency conducts work to clarify from the creditor / issuer the reasons for the suspension / termination of the entrepreneur's activities, on the basis of which the financial agency, within 20 (twenty) business days, decides to terminate/ grant deferrals for the termination or resumption of subsidies.

In case of resumption of the activity of the entrepreneur who suspended the activity, the subsidy is resumed from the date of suspension on the basis of a letter from the financial agency upon confirmation by the entrepreneur of the intended use of the loan/ leasing / financing / funds from the placed bonds and confirmation of the project implementation.

12. When monitoring the project of subsidizing a part of the coupon rate, the financial agency carries out:

1) monitoring the use of money received from the placement of bonds or Islamic securities by an issuer with whom a subsidy agreement has been concluded based on data and documents provided by the issuer, a representative of bondholders or holders of Islamic securities;

2) monitoring of the issuer's payment discipline based on data provided by the central securities depository or the central securities depository of the AIFC Stock Exchange;

3) monitoring the compliance of the project and/or the issuer with the conditions for subsidizing part of the coupon rate.

To monitor the compliance of the issuer with the conditions of subsidizing part of the coupon rate and (or) the decision of the financial agency, the financial agency on a semi-annual basis (no later than January 15th and July 15th of the current year), sends a request on the status of a business entity (suspension/termination of activity) to the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan with the attached list of issuers with valid subsidy agreements.

After receiving information from the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan, in case of identification of the suspension/termination of the issuer's activities in the presence of a valid subsidy agreement, the financial agency conducts work to clarify the reasons for the suspension /termination of activities from the issuer, on the basis of which the financial agency, within 20 (twenty) business days, decides to terminate /grant a deferral for termination or resumption of subsidies.

In case of resumption of the activity of the issuer that has suspended its activities, the subsidy is resumed from the date of suspension on the basis of a letter from the financial agency upon confirmation by the entrepreneur of the targeted use of funds from the placed bonds or Islamic securities and confirmation of the project implementation.

13. As part of monitoring the targeted use of financial support funds for "green" loans, the financial agency verifies that the borrower has achieved the threshold criteria for the "green" taxonomy stated in the planned "green" project based on an external assessment of providers in cases where these threshold criteria include:

1) specific minimum values for reducing energy consumption;

2) minimum levels of greenhouse gas emissions;

3) reduction of the share/disposal of waste;

4) reduction of water consumption;

5) compliance with the requirements of the reference books of the best available technologies (in the part specified in the threshold criterion).

The conclusion of the external assessment provider is provided by the borrower.

After 2 (two) years from the start of subsidizing the project, the borrower conducts appropriate independent assessments of the achievement of the stated indicators or energy audits, which are provided to the financial agency. External checks of the subsequent fulfillment of the threshold criteria of the "green" taxonomy declared by the borrower for the project can be carried out by assessment providers who issued an initial conclusion on the project's compliance with the threshold criteria of the "green" taxonomy.

14. When monitoring guaranteed projects, the financial agency carries out:

1) monitoring the targeted use of the loan of the entrepreneur with whom the guarantee agreement is concluded, based on the data and documents provided by the lender and the entrepreneur;

2) monitoring of the entrepreneur's payment discipline based on data provided by the creditor and (or) information received by the financial agency from other reliable sources that do not contradict the legislation of the Republic of Kazakhstan;

3) monitoring the compliance of the project and (or) the entrepreneur with the terms of the Resolution and (or) the decision of the financial agency/lender;

4) monitoring of the project implementation (use of the leased item under the financial lease agreement).

15. When monitoring the bond guarantee project, the financial agency carries out:

1) monitoring the targeted use of the bond loan by the issuer with which the guarantee agreement is concluded based on the data and documents provided by the issuer;

2) monitoring of the issuer's payment discipline based on data provided by the central securities depository and/or the central securities depository of the AIFC Stock Exchange;

3) project implementation monitoring;

4) monitoring the compliance of the project and/or the issuer with the terms of the bond guarantee.

16. When monitoring grant financing projects, the financial agency carries out:

1) monitoring the intended use of the grant;

2) monitoring of the grantee's activities for the implementation of business projects in accordance with the monitoring plan approved by the financial agency;

3) monitoring the grantee's fulfillment of conditions for creating new jobs;

4) monitoring the grantee's compliance with the terms of the grant agreement.

17. To perform the project monitoring functions, the financial agency requests from the entrepreneur/grantee/issuer and/or lender the necessary documents confirming the intended use of the loan/loan/financial leasing/grant/financing/funds from the placed bonds and the project's compliance with the terms of these Monitoring Rules, as well as information related to the subject of project monitoring, in particular including commercial, banking, and tax secrets (subject to the consent of business entities to provide information about the taxpayer).

Chapter 4. The procedure for monitoring projects implemented within the framework of state support measures for private entrepreneurship

Paragraph 1. Monitoring of subsidized projects

18. As part of the planned monitoring of projects, the financial agency, no later than 20 (twenty) business days before the date of the start of monitoring, sends to the lender/issuer a notification on monitoring in accordance with the Resolution with a list of projects to be monitored, the timing of monitoring and a list of documents required for monitoring subsidized projects in accordance with Appendix 1 and/or/or a list of documents, necessary for monitoring projects when subsidizing the coupon interest rate on bonds in accordance with Appendix 2 to these Monitoring Rules.

19. The list of subsidized projects to be monitored is formed by the financial agency from the total pool of existing subsidy agreements concluded for the relevant period to be monitored, with the exception of business projects for which loans have been repaid or subsidized based on a decision of the financial agency as of the date of notification of the financial agency on monitoring.

20. The financial agency conducts unscheduled monitoring of projects financed under the portfolio subsidy instrument upon receipt of a notification from the lender on the establishment of the following facts, as well as upon independent identification by the financial agency of the following facts:

1) misuse of credit/financing;

2) non-compliance of the project and/or the entrepreneur with the terms of the Subsidy Rules.

21. For projects of entrepreneurs/issuers who have suspended/terminated the activities of a business entity, the financial agency suspends subsidies and, as part of monitoring, conducts work to clarify from the lender/issuer the reasons for the suspension/termination of the entrepreneur's activities in order to take measures to suspend, terminate or resume subsidies within 20 (twenty) business days in accordance with the Resolution.

22. Upon establishing the facts of misuse/partial misuse of credit funds/financing/financial leasing/funds from the placement of bonds and (or) non-compliance of the entrepreneur's/issuer's project with the terms of the Resolution, the financial agency ensures reimbursement of the paid amount of subsidies for the project by the entrepreneur/issuer in accordance with the subsidy agreement, and in case of partial misuse, the refund of subsidies is carried out in proportion to the amount misuse of credit funds/financing/financial leasing/funds from the placement of bonds.

In case of termination of subsidies and repayment of the amounts of subsidies due, the financial agency, on the basis of an appropriate decision, sets a period of 10 (ten) business days for the entrepreneur/issuer from the date of sending the request for repayment of the amount of subsidies.

In cases of death / liquidation of an entrepreneur, non-receipt of the acquired asset / works / services due to non-fulfillment / unfair fulfillment by the counterparty to the transaction of its obligations, that is, for objective reasons beyond the control of the entrepreneur, the financial agency (if there is a resolution of the investigative body / prosecutor's office recognizing the entrepreneur as a victim, a court verdict in a criminal case, a decision civil/administrative courts, effective at the time of monitoring by the financial agency) does not apply measures to refund/reimburse the amount of subsidies paid by the entrepreneur based on the relevant decision of the financial agency.

Paragraph 2. Monitoring of guaranteed projects

23. For guarantee projects, with the exception of guarantee projects under Guarantee fund 2, unscheduled monitoring is carried out in cases where the entrepreneur/issuer fails to fulfill obligations to repay the principal amount under the loan/financing agreement/coupon payment on bonds within 60 (sixty) days. calendar days or more (or within another period specified by the guarantee agreement) or in other cases specified by these Monitoring Rules/By resolution. In order to carry out unscheduled monitoring of guaranteed projects, the lender/issuer shall provide a list of documents required for monitoring guaranteed projects in accordance with Appendix 3 or a list of documents required for monitoring bond guarantee projects in accordance with Appendix 4 to these Monitoring Rules.

24. The procedure for carrying out measures to cancel the guarantee or reduce the amount of the guarantee in proportion to the amount of the loan used for the intended purpose of the entrepreneur's project as a result of monitoring is carried out in accordance with the terms of the Resolution.

25. The bank/MFO/leasing company monitors the entrepreneur's project, which includes monthly ongoing monitoring of the progress of the entrepreneur's project(s). A report on the ongoing monitoring of the progress of the entrepreneurs' project(s) within the framework of entrepreneurship support programs prepared by a bank/MFO/leasing company in accordance with Annex 5 to these Monitoring Rules is submitted to the financial agency separately in the context of financing instruments no later than the 5th (fifth) day of the month following the reporting month through information systems, designed to collect and exchange information, signed with an electronic digital signature in accordance with the legislation of the Republic of Kazakhstan, or in writing (when submitting a report in writing, a cover letter is sent to the financial agency, and the electronic form of the report is additionally sent to the email address of the responsible executive designated by the financial agency).

26. On a monthly basis, by the 30th (thirtieth) day of the month following the reporting month, the financial agency submits to the authorized business body a report on guarantees under business support programs in accordance with Annex 6 to these Monitoring Rules.

Paragraph 3. Monitoring of projects for which government grants have been provided

27. As part of the monitoring of grant financing projects, the financial agency monitors the targeted use of funds received by the grantee and submits to the regional coordinator a report on the implementation of business projects by grantees.

28. For grant financing projects, the financial agency, no later than 10 (ten) business days prior to the monitoring date, sends a notification to the grantee and the regional coordinator on the monitoring of the grantee's project, indicating the timing of monitoring and a list of documents required for monitoring grant financing projects in accordance with Annex 7 to these Monitoring Rules.

The list of projects is formed from the total pool of concluded grant agreements for the relevant period, which is subject to monitoring in accordance with the number of projects specified in the public procurement contract for services.

29. In the event that the grantee has not provided the necessary information during the monitoring period./If the financial agency refuses to provide information for monitoring the project, or it is impossible to determine its location, the financial agency draws up an act on the impossibility of monitoring due to the grant recipient's failure/refusal to provide information for monitoring the project in accordance with Annex 8 to these Monitoring Rules before the start date of monitoring, which is sent to the regional coordinator.

Paragraph 4. Monitoring the compliance of an entrepreneur's project with performance criteria

30. The Financial Agency monitors the compliance of a new effective investment project and/or a project aimed at modernizing and expanding production and franchising with the effectiveness criteria in accordance with the requirements of the Resolution.

31. Monitoring of performance criteria, which provides for checking whether the project has achieved, in accordance with the requirements of the Resolution, indicators for maintaining/increasing the average annual number of jobs/increasing the volume of the payroll/the amount of taxes paid (corporate income tax/individual income tax) to the budget during the reporting period/income growth (income from sales: the cost of goods, works sold, services from the main activity) is carried out by the financial agency on the basis of information, received from the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan. Performance criteria are also monitored based on information on social payments and/or tax returns, and/or according to an extract from a personal account on the status of settlements with the budget provided by the lender/entrepreneur/issuer.

Performance criteria are not monitored for projects for which loans have been repaid as of the date of notification to the financial agency about monitoring, or subsidies/guarantees for them have been terminated before the deadline for meeting the performance criteria.

32. The volume of production (in monetary terms) is determined by the financial agency on the basis of information received from the entrepreneur, reflecting the volume of production of industrial products (goods, services).

33. The reporting date for calculating performance criteria is the beginning of the next financial year, regardless of the date of the financial agency's decision.

34. To determine changes in the average annual number of jobs, the amount of the wage fund, income from sales (the cost of goods, works, and services sold from core activities), and production volume (in monetary terms), the financial agency compares indicators after the end of the reporting period with similar indicators at the beginning of the reporting date.

35. To determine changes in the amount of taxes paid (corporate income tax/individual income tax), the financial agency calculates the average value of tax payments for the reporting periods compared to the figures at the beginning of the reporting date.

36. For projects of entrepreneurs aimed at investment purposes, the effectiveness criteria are confirmed at the end of the investment phase of the project, that is, after the end of the term of performance of works/services provided under the contract / agreement concluded with the supplier. To confirm the effectiveness criteria for such projects, an additional period of no more than 1 (one) financial year is provided from the date of completion of the work/services provided under the contract/agreement concluded with the supplier based on a decision of the authorized body of the financial agency.

37. According to the projects of start-up entrepreneurs approved by the financial agency in the year of registration of a private business entity, when determining changes in the average annual number of jobs, the jobs created by the entrepreneur when starting a business are taken into account.

38. According to the projects of entrepreneurs who carry out their activities on the territory of special economic zones of the Republic of Kazakhstan or related to subjects of natural monopolies, as well as those with preferential taxation or exempt from taxes or having other preferences and benefits defined in accordance with the tax legislation of the Republic of Kazakhstan, the performance criteria for all indicators are taken into account taking into account these specifics. For projects of entrepreneurs related to subjects of natural monopolies, the performance criteria that provide for the preservation/increase of the average annual number of jobs and an increase in the amount of the wage fund may not be taken into account to determine whether an entrepreneur has achieved project performance indicators in cases where such an increase is impossible based on the requirements of the legislation of the Republic of Kazakhstan on natural monopolies. The impossibility of achieving these indicators is established on the basis of a reasoned conclusion in the monitoring report of the financial agency. A similar approach is used when calculating the amount of taxes paid for entrepreneurs based on the specifics of the types of activities for which preferential taxation is provided in accordance with the regulations of the tax legislation of the Republic of Kazakhstan.

Chapter 5. Registration of project monitoring results

39. Based on the results of project monitoring, the financial agency generates a monitoring report, which is approved by the authorized representative(s) of the financial agency and the lender/regional coordinator/grantee (only if there are comments/violations in the monitoring report)/of the Issuer within no more than 5 (five) business days from the date of its receipt by the latter. For a project for which several loans (tranches) have been issued/One monitoring report is being prepared.

40. In case of refusal of the creditor / regional coordinator / grantee/ issuer from signing the monitoring report due to disagreement with the conclusions of the financial agency, as well as in case of failure to provide information necessary for monitoring, the financial agency draws up an act of refusal to sign the monitoring report in accordance with Appendix 9 to these Monitoring Rules.

41. The Financial Agency provides additional deadlines for eliminating comments on projects of entrepreneurs/issuers/ grantees under construction, registration of title documents, project implementation and (or) if there are the following main objective reasons:

1) as of the monitoring date, the loan has not been disbursed or partially disbursed (the line has not been fully disbursed, the funds are in the checking account for subsequent payment for goods/work/service);

2) the goods/works/services purchased under the loan have not been delivered and the equipment has not been installed (if necessary);

3) construction/reconstruction/repair works, including those carried out with loan funds, have not been completed;

4) the acceptance certificate / the act of commissioning of the facility, built including with the funds of the loan, has not been received;

5) documents confirming the borrower's/loan's/project's compliance with the terms of the Resolution and the intended use of the loan (invoices, invoices, etc.) have not been submitted in full (if there are justifications for their non-presentation by the borrower at the time of monitoring);

6) the creation of jobs has not been confirmed according to the decision of the competition commission (for grant financing projects);

7) the project has not been implemented (launched).

Appendix 1 to the Rules for Monitoring projects implemented within the framework of measures for state support of private entrepreneurship

List of documents required for monitoring subsidized projects

1. Business plan, technical and economic report, in the absence of these documents, the economic report of the lender's credit manager, or other documents that disclose the essence of the project.

2. A certificate of the entrepreneur's loan debt as of the time of monitoring, with a breakdown by debt items (principal, remuneration, penalties, fines), with the allocation of the overdue portion, or a reconciliation report between the creditor and the entrepreneur. The certificate must indicate the presence/ absence of the seizure of the entrepreneur's accounts.

3. Documents confirming the intended use (both for investment purposes and for replenishment of working capital) of the loan, as well as visual confirmation:

1) confirming the fact of payment for goods, work, services, or the transfer of funds for the purposes stipulated in the loan agreement/financing agreement/financial leasing agreement: payment orders, and (or) applications for transfer in foreign currency, and (or) fiscal checks, and (or) bank account statements (from the date issuance of the verified tranche/loan/start of financing on the date of actual disbursement of funds), and (or) receipts for the incoming cash order and other payment documents that do not contradict the legislative norms of the Republic of Kazakhstan;

2) confirming receipt of goods, performance of works, provision of services and achievement of other goals stipulated by the loan agreement/financing agreement/financial leasing agreement: agreements/contracts, invoices, and (or) waybills, and (or) cargo customs declarations, and (or) acceptance and transfer certificates;

3) in the case of construction and installation works (hereinafter referred to as SMR): documents confirming ownership of the land plot / the right to lease the land plot on which the SMR is carried out, permits for SMR (if any) / notification of the entrepreneur about the start of SMR production, commissioning/acceptance certificates with registration of the authorized body Of the Republic of Kazakhstan.

4. Documents confirming the implementation of the project in accordance with the declared business plan /feasibility study /other document revealing the essence of the project (accounting/statistical reports, and (or) certificates for finished products, and (or) contracts, and (or) documents for the purchase of fixed assets and materials, and (or invoices, and (or) certificates of completed works, and (or) electronic invoices, and (or) payment documents).

5. The creditor's documents confirming the refund to the entrepreneur of commissions, fees and (or) other payments (if any) related to the loan or the conclusion of a financial leasing agreement.

6. Documents confirming the fulfillment of the performance criteria for the project (an extract from the entrepreneur's personal account on the status of settlements with the budget, as well as on social payments and (or) the entrepreneur's tax returns and (or) accounting/statistical reports).

For the purposes of monitoring, the financial agency is authorized to request additional documents confirming the intended use of credit funds and the implementation of the project, which are not included in the above list.

Appendix 2 to the Rules for Monitoring projects implemented within the framework of measures for state support of private entrepreneurship

The list of documents required for monitoring projects when subsidizing the coupon rate on bonds

1. A business plan, a feasibility study, or other documents that reveal the essence of the project.

2. Documents confirming the availability of collateral for the bonds.

3. The bond issue prospectus (amendments thereto) registered by the authorized body for regulation, control and supervision of the financial market and financial organizations.

4. The Central Securities Depository's subsidy report containing information on the ISIN of the bonds, the number of bonds in the accounts of the bondholders as of the monitoring date, the total amount of remuneration transferred by the central securities depository to the bank accounts of the bondholders, the number/amount of outstanding bonds, the amount received by the central securities depository from the issuer, or a report from a representative of the bondholders containing this information.

5. Documents confirming the intended use (both for investment purposes and for replenishment of working capital) of the loan, as well as visual confirmation:

1) the fact of payment for goods, work, services, or the transfer of funds for the purposes provided for in the bond issue prospectus: payment orders, applications for transfer in foreign currency, fiscal receipts, bank account statements (from the date of the beginning of bond redemption to the date of actual disbursement), receipts for the incoming cash order and other payment documents, not contradicting the legislative norms of the Republic of Kazakhstan;

2) the fact of receiving goods, performing works, rendering services and achieving other goals stipulated in the bond issue prospectus: agreements/contracts, invoices, waybills, cargo customs declarations, acceptance and transfer certificates;

3) in the case of construction and installation works (hereinafter referred to as SMR): documents confirming ownership of the land plot / the right to lease the land plot on which SMR is carried out, permits for SMR (if any)/notification of the issuer of the start of SMR production, commissioning/acceptance certificates with registration of the authorized body Of the Republic of Kazakhstan.

6. Documents confirming the implementation of the project in accordance with the declared business plan /feasibility study /other document revealing the essence of the project (accounting/statistical reports, and (or) certificates for finished products, and (or) contracts, and (or) documents for the purchase of fixed assets and materials, and (or invoices, and (or) certificates of completed works, and (or) electronic invoices, and (or) payment documents).

7. Documents confirming the fulfillment of the performance criteria for the project (an extract from the entrepreneur's personal account on the status of settlements with the budget, as well as on social payments and (or) the entrepreneur's tax returns and (or) accounting/statistical reports).

Appendix 3 to the Rules for Monitoring projects implemented within the framework of measures for state support of private entrepreneurship

List of documents required for monitoring guaranteed projects

1. Business plan, technical and economic report, in the absence of these documents, the economic report of the lender's credit manager, or other documents that disclose the essence of the project.

3. Documents confirming the availability of collateral for the loan/credit facility (collateral agreements and additional agreements to them).

4. Documents confirming the fulfillment by the creditor and (or) the entrepreneur of the special conditions of validity of the guarantee and other conditions of guarantee.

5. Certificate of registered rights (encumbrances) on immovable property and its technical characteristics on pledged property. The certificate is provided when monitoring a project with overdue debts of over 60 (sixty) calendar days (unless another period is specified by the guarantee agreement) for the entrepreneur's loan.

6. Documents confirming the execution of the loan / credit line (loan agreement (for all tranches issued), as well as additional agreements to it (if any) concluded with the entrepreneur).

7. Documents confirming the transfer of money to the final borrower under the loan / credit line (an extract from the entrepreneur's bank account (from the date of receipt of the verified tranche/loan, until the date of actual disbursement), a payment order from the operator and (or) a payment order).

8. Documents confirming the intended use (both for investment purposes and for replenishment of working capital) of the loan, as well as visual confirmation:

1) confirming the fact of payment for goods, work, services, or the transfer of funds for the purposes stipulated in the loan agreement/financing agreement/financial leasing agreement: payment orders, and (or) applications for transfer in foreign currency, and (or) fiscal checks, and (or) bank account statements (from the date issuance of the verified tranche/loan on the date of actual disbursement), and (or) receipts for the incoming cash order and other payment documents that do not contradict the legislative norms of the Republic of Kazakhstan.;

2) confirming receipt of goods, performance of works, provision of services and achievement of other goals stipulated by the loan agreement/financing agreement/financial leasing agreement/forward agreement/financing agreement for assignment of monetary claim (factoring): agreements/contracts, invoices, and (or) waybills, and (or) cargo customs declarations and (or) acceptance and transfer certificates;

9. Documents confirming the entrepreneur's own participation in projects with a loan amount of over 500 (five hundred) million tenge inclusive (when providing funds – an extract from the entrepreneur's account, when providing movable /immovable property – documents confirming ownership of the property) (subject to this condition in the Rules for the provision of guarantees within the framework of guarantee funds approved Resolution of the Government of the Republic of Kazakhstan dated September 17, 2024 No. 754 "On certain measures of state support for private entrepreneurship").

10. Documents confirming the implementation of the project in accordance with the declared business plan /feasibility study /other document revealing the essence of the project (accounting/statistical reports, and (or) certificates for finished products, and (or) contracts, and (or) documents for the purchase of fixed assets and materials, and (or invoices, and (or) certificates of completed works, and (or) electronic invoices, and (or) payment documents).

11. The creditor's documents confirming the refund to the entrepreneur of commissions, fees and (or) other payments (if any) related to the loan or the conclusion of a financial leasing agreement.

12. Documents confirming the fulfillment of the performance criteria for the project (an extract from the entrepreneur's personal account on the status of settlements with the budget, as well as on social payments and (or) the entrepreneur's tax returns and (or) accounting/statistical reports).

Appendix 4 to the Rules for Monitoring projects implemented within the framework of measures for state support of private entrepreneurship

List of documents required for monitoring bond guarantee projects

1. A business plan, a feasibility study, or other documents that reveal the essence of the project.

2. Documents confirming the availability of collateral for the bonds.

3. Documents confirming the fulfillment by the issuer of the special conditions of validity of the guarantee and other conditions of guarantee in accordance with the guarantee agreement.

4. The bond issue prospectus (amendments thereto) registered by the authorized body for regulation, control and supervision of the financial market and financial organizations.

5. Certificate of registered rights (encumbrances) on immovable property and its technical characteristics on pledged property.