Kazakh Baiterek holding to allocate over $1.2 billion to large industrial projects in 2015-2019
Baku, Azerbaijan, Oct. 20
By Elena Kosolapova - Trend:Kazakh National Management Holding Baiterek will allocate 225 billion tenge ($1.239 billion) to large industrial projects within the second five-year period of the State Program on Forced Industrial-Innovative Development (in 2015-2019), Novosti-Kazakhstan reported with the reference to Baiterek Holding's Chairman Kuandik Bishimbayev
"The National Fund will give us 75 billion tenge (181.5 tenge = $1) for large industrial projects in the near future. These funds will be spent on the second five-year period of the state program on industrial-innovative development," Bishimbayev said at a briefing on Oct. 20. "Moreover we will attract additional 150 billion tenge and the program will amount to 225 billion tenge in total."
He noted that the terms of these funds lending will be very favorable for the enterprises.
"The president instructed to provide better conditions for entrepreneurs and we will provide loans under 5-7.5 percent with a maturity of up to 20 years," he said.
The program on the support of the domestic enterprises at the expense of the National Fund is fully paid In the medium and long-term, and all allocations will come back not only in the form of loans repayment, but also in the form of new taxes, Bishimbayev believes.