Kazakhstan creates special fund for alternative energy projects
Baku, Azerbaijan, Dec. 11
By Elena Kosolapova- Trend: Kazakh National Holding Baiterek has created the Central Asia Renewable Energy Fund LP., Novosti-Kazakhstan reported with the reference to the holding.
The Islamic Corporation for the Development of the Private Sector, private investor and Baiterek's subsidiary National Agency for Technological Development will form the new fund.
The fund will invest in renewable and alternative energy for a period of 8 to 10 years in Kazakhstan. The initial target size of the fund will hit $50 million and then it is expected to double.
Over two-thirds of its authorized capital will be formed at the expense of private and foreign investment, while the state will invest less than a third of the total share capital.
The fund's activity will be based on the principles of Islamic finance.
Kazakhstan has already formed the list of potential projects for the fund's financing.