EBRD and state fund Kazyna to establish investment fund

/INTERFAX-KAZAKHSTAN, Almaty, June 4, 08/ - European Bank for Reconstruction and Development (EBRD) jointly with the state fund Kazyna will establish a new investment fund Kazakhstan Growth Fund, EBRD informed Wednesday. "EBRD management Board approved establishment of a new fund - Kazakhstan Growth Fund to support private enterprises of non production sector in the country by means of investments and similar instruments, increasing standards of corporate management and transparency and restructuring medium enterprises" - is said in the press release. "Совет управляющих ЕБРР одобрил создание нового фонда Kazakhstan Growth Fund в поддержку частных предприятий недобывающего сектора в стране посредством предоставления инвестиций и аналогичных инструментов, повышения стандартов корпоративного управления и прозрачности, а также способствуя реструктуризации средних предприятий", - отмечается в пресс-релизе. The capital of Kazakhstan Growth Fund makes $125 m. The fund will invest in companies, engaged in the sphere of production, processing and packing of foodstuff; building materials and equipment and also in the sphere of metallurgy, woodworking, textile production. "Kazakhstan companies and companies of neighboring countries closely linked to Kazakhstan will get access to investments by means of Fund of direct investments" - is said in the press release. The state fund Kazyna, founded in March 2006, is the management company, created with the aim of diversification of Kazakhstan economy by means of coordination of activity of national development institutes within the strategy of industrial and innovational development of Kazakhstan, determined for the period till 2015. At present there are 7 Kazakhstan development institutes in the fund: Development Bank of Kazakhstan, Innovation and Investment Funds, State Corporation on Export Credits and Investments Insurance, Fund of Small Business Development, Corporation on Export Development and Promotion, Kazinvest Company. [2008-06-05]