Joint investment fund Kazakhstan Growth Fund is created

Astana, 4 December 2008, (Khabar) - A joint investment fund which is to be established by the European Bank for Reconstruction and Development and the Samruk-Kazyna National Welfare Fund is expected to be put into operation in 2009, as a closely related agreement has been signed today by the chairman of the Kazakhstani fund, Kairat Kelimbetov and Thomas Mirow, the President of the EBRD. The capitalization of the future fund is set to reach 125 million US dollars, to be used as direct investment. The money will also be used for the financing of investment projects of small and medium-sized businesses. Meanwhile, food, woodworking industries and those dealing with the output of equipment for the extraction sector as well as services, metallurgy and textile industries will all be among the priority areas. As a result, Kazakhstan’s companies will be provided with all necessary financial resources during these times of world financial crisis. Around 70% of the financial structure’s funding is expected to be invested in domestic enterprises.