ANNOUNCEMENT 09 Jan 2012In January 2012, the government of Kazakhstan announced a change in private-sector financial support.
NUMBER OF INTERVENTIONS
'1' KPMG NewsFlash Special Issue 2012, http://www.kpmg.com/KZ/en/IssuesAndInsights/ArticlesAndPublications/NewsFlash/Documents/Special%20issue_Jan_2012.pdf
'2' Resolution No. 1012 of the Government of the Republic of Kazakhstan, issued on August 1, 2012 'On approving the conditions and mechanisms for financing the subjects of innovative industrial activities through financial institutions',
published on the Internet site of the Republican Centre for Law Information of the Ministry of Justice of Republic of Kazakhstan, http://adilet.minjust.kz/rus/docs/P1200001012#z5
'3' Law of the Republic of Kazakhstan "On state support for innovative industrial activities' of January 9, 2012, http://ru.government.kz/docs/z120000053420120109~3.htm
'4' Investment Policy in Kazakhstan:Trends and Priorities, Sara Alpysbayeva and Bauyrzhan Turlubekov, Economic Research Institute, Kazakhstan, September 2009, http://www.worldfinancereview.com/pdf/Investment%20policy%20in%20Kazakhstan.pdf
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.