ANNOUNCEMENT 31 Aug 2015In August 2015, the government of Kazakhstan announced a change in private-sector financial support.
NUMBER OF INTERVENTIONS
An official press release of the "National Agency for Technological Development" of the Republic of Kazakhstan reports arrangements reached during the state visit of the President Mr Nursultan Nazarbayev to China. On 31 August 2015, a memorandum of cooperation between the National Management Holiding "Baiterek" of the Republic of Kazakhstan and the Bank of China was signed. The document envisages cooperation in the fields of industrial and innovative development, information technology, development of the small and medium business, agriculture and other sectors that are a priority for Kazakhstan.
There is no information in which sectors of the economy the SMEs should operate. However, it may be expected that priority may be given to SMEs that operate in the sectors that were previously defined as strategic in Decree No. 301 of 13 April 2010 of the Government of the Republic of Kazakhstan. Hence, they were used for identification of the affected sectors.
In addition, the Bank of China as part of the memorandum with "Baiterek" will consider the possibility to allocate up to $5 billion in projects for the industrial-innovative development of Kazakhstan.
The Chairman of the Board of "Baiterek", Mr Bishimbayev, announced that the Chinese funds will come in the form of foreign direct investments and loans. He added that 'the interest rates will be much lower than those that currently exist in the market'.