Baku, Azerbaijan, June 5
By Elena Kosolapova - Trend:
Kazakh National Wealth Fund Samruk-Kazyna is to provide more support to developing industries such as chemical and petrochemical industries, construction, mining, and mechanical engineering, the fund reported on June 5.
The fund is developing and partially implementing a great transformation program. This program is aimed at new ways of doing business, better management of public assets and to ensure higher performance of Kazakh companies.
"To meet this goal the Fund will redirect state support funds from traditional spheres such as oil and gas, transport, communications, infrastructure, energy and nuclear industry to developing industries such as chemical and petrochemical, construction, mining sector and engineering," Chairman of the Board of Samruk-Kazyna Umirzak Shukeyev said at the meeting with the heads with the Fund's subsidiaries.
Currently, the investment portfolio of Samruk-Kazyna includes 163 projects worth $146 billion. For every $1 invested from own funds, the fund attract $3 investment from outside.
Samruk-Kazyna plans to complete 16 projects worth $3 billion in 2014 and 40 more projects worth $23 billion in 2015-2016.
The National Welfare Fund Samruk-Kazyna was established in line with Kazakh president's decree dated 2008 to enhance the competitiveness and sustainability of the national economy.
The fund brings together nearly all public assets of Kazakhstan and manages these assets on behalf of Kazakh government.
These assets include the Kazakh National Oil and Gas Company KazMunaiGas, Kazakh Railways (Kazakhstan Temir Zholy), Kazakhstan Electricity Grid Operating Company (KEGOC), Kazakhtelecom and Kazakh National Atomic Company Kazatomprom.
Edited by C.N.