Take Five: "When women have access to resources and opportunities, they can achieve not only their own success but also positively influence the development of society as a whole."

Gaukhar Buribayeva is the CEO of the Damu Entrepreneurship Development Fund in Kazakhstan, with a rich background in leadership across the financial, logistics, and railway sectors. Under her leadership, the landscape of women's entrepreneurship in the country is transforming, driving significant progress toward women’s economic empowerment. Since 2016, the Damu Entrepreneurship Development Fund has been a WEPs signatory.

What prompted you to sign the Women’s Empowerment Principles?

The Damu Entrepreneurship Development Fund, as an organization that adheres to the principles and approaches of sustainable development in the country, is committed to maximizing participation in projects aimed at supporting and empowering women. Women play a significant role in various fields, including politics, science, and entrepreneurial development. When women have access to resources and opportunities, they can achieve not only their own success but also positively influence the development of society as a whole. Therefore, it is crucial to focus on the potential that can be unleashed by actively investing in women's emancipation and development. 

What measures do you think are needed to increase the representation of Kazakhstani women at management boards and boards of directors in the corporate sector? 

I strongly believe that increasing the representation of Kazakhstani women at the decision-making level in the corporate sector is not only important but also strategically necessary for the development of the country's economy as a whole.  When women hold high positions and participate in decision-making, not only do individual companies benefit, but the entire economy does as well. We can all contribute to this process by supporting, inspiring, and helping each other grow. 

I would like to highlight a few key measures: 

• Support mentorship and coaching programs. It is vital to create systems where experienced women leaders can share their knowledge and experiences with young women. This will help develop confidence and strengthen leadership skills. 
• Educational initiatives. Professional training programs aimed at preparing women for management, including courses in financial management, strategic planning, and communications, need to be introduced and expanded. Education is a key enabler of career advancement.  
• Men's involvement in supporting gender equality. It is important that men actively support efforts to increase the number of women in leadership positions. Training and educating men about the benefits of gender equality can lead to a fairer and more balanced corporate environment. 

What is the main value you see behind the Fund's women's entrepreneurship support program?  

The Damu Fund, as the primary operator of state support measures for SMEs in Kazakhstan, has been implementing a number of programs to support women entrepreneurs for over 10 years. The main idea is to give women the opportunity to gain confidence in their abilities and their futures. This is largely achievable through stable financial prosperity. 

Thanks to the state support measures implemented by the Damu Fund, the share of women entrepreneurs is more than 47% of the total number of entrepreneurs who received financial support under all programs of the Fund. As of September 1, 2024, the Damu Fund supported 96 thousand projects of women entrepreneurship for a total amount of credits of 2,893 billion tenge or more than 6 million dollars - this is 24% of the total amount of supported projects. 

The government support measures implemented by the Fund offer preferential conditions for entrepreneurs in mono-small towns and rural areas. As a result, in mono-small towns and rural areas, the share of projects by women entrepreneurs is no less than 50%, which is more than in large cities.  

What policies are in place in the  organization to protect employees from gender discrimination and violence? 

In carrying out its activities, the Fund is guided by the principle of equal opportunities and does not discriminate against its employees. This position is enshrined in the Fund's Sustainability Policy. In 2021, the Damu Fund developed a gender policy. Additionally, in 2024, our organization approved the Human Rights Policy, which reaffirms the Fund's commitment to the international documents ratified by the Republic of Kazakhstan, as well as its Constitution and laws in the areas of human rights, labor protection, employee insurance, and their rights. 

Please tell us about women’s businesses that succeeded with the Damu’s support.     

Let me name a few. In the Zhetisu region, the company “JLC Sut” LLP received state support to expand its dairy production activities. The company, headed by Olga Bogdanova, is a popular brand of dairy products in our country. The plant produces an average of 70 tons of dairy products per day and 2000 - 2100 tons per month.  

Another example: Black Biotechnology LLP produces feed additives for livestock and poultry, as well as organic fertilizers with the AL KARAL brand. In 2023, the company issued bonds for 2 bln. KZT or 4.1 mn USD, with a final rate on the issuer of 6% per annum, thanks to the instrument of subsidizing the coupon rate on the bonds.  

I would also like to mention a “Master Class” dance and sports club where wheelchair sports dancing is taught. It was launched last year, with our support. The club's students are medalists and winners of international Paralympic competitions, under the guidance of trainer Aliya Tussupbekova.