Some $36 bln to be allocated for 2nd stage of Kazakhstan’s forced development program

Photo: Some $36 bln to be allocated for 2nd stage of Kazakhstan’s forced development program / Kazakhstan

Astana, Kazakhstan, July 2

By Daniyar Mukhtarov - Trend:

Kazakhstan will attract some 6.6 trillion tenge ($36 billion) for the implementation of the second five-year stage of the State Program of Forced Industrial and Innovative Development, the country's Minister of Economy and Budget Planning, Yerbolat Dossayev said.

He made the remarks on July 2 at a meeting with participation of the country's President Nursultan Nazarbayev.

The minister pointed out that some six trillion tenge (183.52 tenge = $1) out of this amount will be attracted from the investments of quasi-public and private sectors.

The budget funding will be equal to around 650 billion tenge and some one trillion tenge will be allocated from the National Fund, according to Dossayev.

He stated that the 'financial leverage' method, envisaging attracting at least four tenge of private investments for each tenge of public investments, will be implemented.

"Additionally, from 2015, the Scheme of rational distribution of production facilities will be integrated into the General scheme of organization of the territory until 2030. As a result, the second stage of the forced development program will be coordinated with regional specificity. Each region will have its own economic specialization, which will avoid overlapping of projects," Dossayev said.

Edited by CN

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