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On January 9, 2012, the Republic of Kazakhstan issued a law "on state support for innovative industrial activities'. In particular, it regulates the legal, economic and organisational principles of stimulation of industrial innovation activity and defines the state support measures in this area. The Government approved the mechanisms and conditions for the financing of innovative industrial activities through financial institutions with Resolution No. 1012 of August 1, 2012 (and in accordance with article 16 of the new law) as follows:
- The eligible credit applicants must either create new innovative industrial projects or modernise existing facilities in the priority sectors of the economy of the Republic of Kazakhstan.
- The Government selects for the realisation of the credit financing a juridical person, the 'financial agent'.
-The financial agent signs a general agreement with financial institutions. The purpose of this document is to settle the conditions and procedures related to the credit financing of innovative industrial activities.
- The financial agent uses the means of mass communication in order to communicate the list of financial institutions, which participate in the financing of innovative industrial activities.
- The financial agent allocates to each of the approved financial institution financial resources, to be used for the credit financing of innovative industrial projects.
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