Azerbaijan, Baku, Feb. 6 / Trend E. Kosolapova/
Kazakh National Welfare Fund Samruk-Kazyna is preparing an application to the public budget for implementation of new investment projects, the Fund said Trend via e-mail.
"According to the Samruk-Kazyna chairman's order, the Fund is preparing an application to the public budget for implementation of investment projects, which were mentioned by Kazakh President in his annual address to the nation," the Fund said.
In his annual address to the nation on Jan. 27, Kazakh President Nursultan Nazarbayev instructed the government and parliament to review the budget and borrow funds from the National Fund to allocate the necessary resources for new projects
"I consider it more correct than storing our money in Western banks. Let's invest that money in our own economy," Nazarbayev said.
National Welfare Fund Samruk-Kazyna is a joint stock company in Kazakhstan, which wholly of partially owns many important companies in the country. The state is the only shareholder of the Fund. Samruk-Kazyna controls the assets worth $78 billion, or nearly 56 percent of Kazakh GDP.