Administration of Fund of stable development Kazyna JSC is planning to sell up to quarter of shares of invest fund and to privatize state insurance corporations

/INTERFAX, Astana, January 23, 07, title IRBIS/ - Kazakhstan state Fund of stable development Kazyna JSC (Kazna) is planning to sell to strategic investor up to 25% of shares of its structured subdivision - investment state fund. "... In particular it is supposed the selling of part of shareholding of investment fund - to 25%, and we had started the negotiations with European bank of reconstruction and development", - announced the chairman of board of Kazyna JSC Kayrat Kelimbetov on Tuesday, performing on the meeting of expanded collegium of the given financial state institution, noting that the pointed deal is planning in context of decision of questions of development of the exchange's market. K.Kelimbetov had also informed that it is planning the privatization o state corporation of insurance of export credits and investments (also in composition of fund Kazyna JSC). "We suppose that in the authorized capital of state insurance corporation can participate the home insurance companies. About this case the negotiations had already started", - K.Kelimbetov had stressed. Except this, he told, state bank of development (BDK, also under subordination of Kazyna JSC) "will actively issue the bonds on the internal exchange's market for development of regional financial center of Almaty". After collegium the head of Fund Kazyna JSC had specified to the journalists, that the above mentioned shareholding of Investment fund of Kazakhstan JSC is planning to sell to strategic investor, as which currently is rating EBRD. "We had started the negotiations with EBRD - IF-K). It is only the negotiations. I would like not to run ahead, because it can be the other strategic investor. But the task is that the international financial institution comes (in order nobody could say that there is someone's subjective estimation) and really had estimated the condition of business", - K. Kelimbetov said. "And I think, - he had continued, - that EBRD can also act as consultant and conduct the real research, how much is provided one or other financing on the projects in one or other organization (entering the structure of Kazyna - IF-K)". "It is not only invest-fund, we'll request to make such research about the bank of development, and innovation fund, added the head of fund Kazyna. Commenting by the requests of journalists the plans of privatization of state corporation of insurance of export credits and investments, K. Kelimbetov had noted that it is planning the selling of control shareholding to the pool of Kazakhstan insurance companies. "We will offer the pool of home insurance companies to enter into shareholders of state insurance corporation. We suppose that the control shareholding we would like to hand to the private companies", - informed the head of Kazyna. He had noted that the state insurance corporation has " ungrateful function of insurance of political and regulating risks, and in reality no private insurance company is dealing with it". State fund Kazyna, founded in March of 2006 is the managing company, created with objectives of diversification of Kazakhstan economy by coordination of activities of national institutions of development in the frames of strategy of industrial-innovative development of Kazakhstan, estimated for the period till year 2015. Currently in the composition of the fund there are 7 institutions of development of Kazakhstan: state bank of development, investment and innovation funds, state corporation of insurance of export credits and investments, fund of devel0opemnt of small enterprisers, center of marketing-analytical researches (CMAR) and Kazinvest company. [2007-01-24]