Almaty Finance, a subsidiary of the Almaty Social Entrepreneurial Corporation, has allocated 500 million tenge for the renovation of the "Tigrohaud" flea market in the Auezov district of Almaty. With these funds, LLP "Tigrohaud Firm" will complete the construction of a modern shopping center with parking, as reported by the press service of the Almaty Social Entrepreneurial Corporation on February 14.
As noted in the statement, the project financing is part of the regional entrepreneurship development program "Almaty Business – 2025," aimed at creating conditions for organized trade. The interest rate on the loan will be 6% per annum (APR), with a financing term of 5 years. The loan is provided under the guarantee of the People's Bank of Kazakhstan.
The press service of the Social Entrepreneurial Corporation shared details of the project. The total investment in the project will exceed 3 billion tenge. Construction is planned to be completed in April 2025. After the renovation, more than 4,400 square meters of commercial real estate will be put into operation.
"The transformation of the market is being carried out in accordance with the law regulating trade activities in Kazakhstan. Currently, 41 markets have been modernized in Almaty, and another 9 are undergoing reconstruction. After modernization, the number of jobs at the 'Tigrohaud' market will increase from 100 to 160, and comfortable conditions will be created for both sellers and buyers in the shopping center," noted Zhuldyz Igenov, Deputy Chairman of the Board of Almaty Finance.
According to the corporation's website, the sole shareholder of the Almaty Social Entrepreneurial Corporation is the Department of Entrepreneurship and Investments of the city of Almaty, a government body responsible for overseeing entrepreneurship, the agro-industrial complex, and other sectors within the city.