Kazakhstan to allocate some $3B for economic development in 2015

Kazakhstan to allocate some $3B for economic development in 2015

Astana, Kazakhstan, Nov.11

By Daniyar Mukhtarov - Trend:

Kazakhstan will allocate 500 billion KZT (around $3 billion) from the National Fund for the further development of economy in 2015, Kazakh President Nursultan Nazarbayev said in his annual address to the country's people on Nov.11.

"As you remember, in February it was decided to allocate 1 trillion KZT (180.91 KZT = $1) in two tranches of 500 billion KZT each to support the economic growth for 2014-2015," the president said.

"I instruct the government to allocate the second trance in the amount of 500 billion KZT to fulfill the further tasks for 2015 in order to complete the ongoing projects and address the urgent issues," he added.

The head of state reminded that for many years, Kazakhstan deposited the revenues from the production and sale of raw materials in the National Fund. Around $10 billion of this amount was spent on fighting against the crisis of 2007 -2009.
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"We neither wasted, nor spent the rest of this amount, but preserved and increased it. Now it is time to use these resources for the benefit of the people," he said. "These resources will allow overcoming the difficult times and stimulate our economic growth."

"These resources are not for taking short-term measures, but for the further transformation of our economy," Nazarbayev added.

Kazakh president has instructed to allocate additional 100 billion KZT for the concessional lending to small and medium-sized business and large entrepreneurship.

"This will allow to implement the projects in the food and chemical industry, mechanical engineering, as well as in the sphere of services," Nazarbayev said.

Moreover, the president instructed to ensure the additional capitalization of the Problem-loan Fund in the amount of 250 billion KZT in 2015 in order to improve the banking sector and buy back problem loans.

Nazarbayev added that it is necessary to improve the conditions for attracting new investments. To this end, the head of state instructed to allocate 81 billion KZT in 2015 in order to complete the construction of the first dry port complex, the infrastructure of Khorgos - Eastern Gate special economic zone and Atyrau and Taraz national industrial technology parks.

The head of state also instructed to allocate additional $40 billion KZT in 2015 for lending to the construction of a complex for the EXPO 2017 exhibition. Earlier, 25 billion KZT was allocated for this purpose.

Nazarbayev said the development of transport infrastructure in Astana should be ensured on the eve of the EXPO 2017 exhibition.

"The capacity of the airport in the capital city will hit the maximal level of 3.5 million people in 2014," he said. "In order to increase the potential, I instruct to allocate 29 billion KZT for the construction of a new terminal and reconstruction of the runway. This will allow to increase the capacity to 7.1 million passengers by 2017."

Edited by CN

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