Kazakhstan to create investment fund for renewable energy source projects

Photo: Kazakhstan to create investment fund for renewable energy source projects  / Oil&Gas

Astana, Kazakhstan, Feb.6

By Daniyar Mukhtarov - Trend:

A memorandum was signed in Kazakhstan between the National Agency for Technological Development (NATD), the Islamic Corporation for the Development of the Private Sector (ICD) and the private investor on the creation of Central Asia Renewable Energy Fund LP, head of Baiterek Holding, Kuandik Bishimbayev said on Feb.6. This was whilst speaking at the expanded board of Kazakhstan's Ministry of Industry and New Technologies with the participation of the country's Prime Minister Serik Akhmetov.

"This fund will make investments in renewable and alternative energy sources projects for a period of eight to 10 years," Bishimbayev said.

The total volume of the fund at the initial stage will be $50 million with a further $100 million, according to the holding head.

Bishimbayev said the fund will finance only those projects in Kazakhstan.

Over two thirds of the fund's authorised capital will be formed with private and foreign investments and the state will provide less than one third of the total volume through the National Agency for Technological Development.

"The list of potential projects that can be financed by the fund has already been approved," Bishimbayev said.

Translated by L.Z.

Edited by S.M.

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