Kazakhstan Investment Development Fund established
Baku, Azerbaijan, Mar. 14
By Rashid Shirinov – Trend:
Kazakhstan has established Kazakhstan Investment Development Fund, Trend reports via Kazakh media.
At the presentation of amendments to the republican budget in the Parliament, Vice-Minister of Finance Tatyana Savelyeva said that 370 billion tenge was provided for the creation of the Fund through the allocation of a targeted transfer from Kazakhstan National Fund.
She noted that the new Fund is created for the implementation of major breakthrough projects in the non-primary sector on the principle of co-investment with foreign investors. Kazakhstan plans attraction of foreign direct investment in the manufacturing industry, agro-industrial complex, innovation sector and infrastructure development (energy, transport, logistics and tourism).
Kairat Aitekenov, Deputy CEO of Astana International Financial Center, in turn, said that the Prime Minister of Kazakhstan Askar Mamin will head the Board of Directors of the management company of Kazakhstan Development Investment Fund.
"We registered the Fund and the management company on behalf of the Finance Ministry. The Board of Directors of the management company will be headed by the Prime Minister of Kazakhstan, and the Government will hold the mandate. Members of the Board of Directors will be elected by this composition and will appoint the appropriate manager," Aitekenov said.
He added that the Fund's financial resources will accumulate in the accounts of the National Bank.
It should be noted that in October 2018, President of Kazakhstan Nursultan Nazarbayev proposed to create a fund for direct investment in the non-primary sector, which would work on the principle of co-investment with foreign investors.
(377.74 KZT = 1 USD on Mar. 14)
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