EBRD may become one of the shareholders of Kazakhstan state investment fund

/INTERFAX-KAZAKHSTAN, Astana, October 4, 07/ - European bank for reconstruction and development (EBRD) considers the opportunity of participating in the authorized capital of Investment fund of Kazakhstan - state institute of development that belongs to the Fund of steady development Kazyna. "EBRD expressed its willingness in studying the situation in the Investment fund of Kazakhstan and then in proceeding to joint management of the fund, in other words, to become one of the shareholders of Investment fund of Kazakhstan after appropriate procedures", - the chairman of the executive committee of Kazyna fund Kayrat Kelimbetov informed the journalists on Thursday in Astana. "The Investment fund is one of development institutions that had been founded in 2003 and that carries the functions of direct investments in Kazakhstan's economy. And today, according to the preliminary negotiations, EBRD expressed its willingness to invest in the country's economy jointly with Investment fund, allocating additional capital for that", - Mr. Kelimbetov said. The head of Kazyna fund noted that the stake of EBRD's participation in the authorized capital of the Investment fund may total up to 20-25%. "Preliminary, we talk about the shares portfolio of up to 20-25%, and a detailed study of the investment portfolio of the Investment fund of Kazakhstan will show the final figure", - Mr. Kelimbetov emphasized. He also informed that in future, "the opportunities of working jointly with EBRD on Bank of development and on the Fund of funds (Kazyna Capital Management - IF-K) would be studied". This day, the chairman of the executive committee of Kazyna Kayrat Kelimbetov and the first vice-president of EBRD Varel Freeman have signed a memorandum of mutual understanding. "In the memorandum, the both sides express their wish to stir up the partnership to perfect the corporate governance and the activity of development institutions of Kazyna Fund", - is noted in the press release that was spread during the event. It is reminded in the message that, according to the last strategy of EBRD for Kazakhstan, accepted on November of 2006, the sides have agreed to bring the financial statements of development institution in accordance to the international principals, to strengthen the corporate governance and to increase their market orientation. Fund of steady development Kazyna JSC has been founded in April of 2006 with the objective of increasing the investments and innovation activities in the non-resource based sector of Kazakhstan economy. The fund manages the Kazakhstani development institutions, among them: state bank of development, Investment fund, National innovation fund, fund for development of small business, center of marketing-analytical researches (CMAR), Kazakhstani center of investment facialitaion, state corporation for insurance of export credits and investments, and Kazyna Capital Management fund. [2007-10-04]