Kazyna and Samruk merge into national welfare fund Samruk-Kazyna

/INTERFAX-KAZAKHSTAN, Astana, October 13, 08/ - State fund of sustainable development Kazyna and state holding Samruk merge into a national welfare fund Samruk-Kazyna, said President of Kazakhstan Nursultan Nazarbaev. "To combine all public assets, I signed a decree merging of two largest state holdings Kazyna and Samruk and create the new fund - National Welfare Fund Samruk-Kazyna", - he said at the government meeting on Monday in Astana. At that the President said that the Board of directors of the new fund will be headed by Prime Minister Karim Masimov. The Head of the state instructed the government to move to a new holding state block of shares of Kazatomprom, ENRC, Kazakhmys, Kazakhstan Mortgage Company, Kazakhstan Fund of guarantee mortgages and Zhilstroysberbank within a month. "To transmit to holding 7socio-entrepreneurial corporations for the new holding to work actively in regions" - added the President. He also announced the allocation of $5 bn. for the capitalization of the new holding. "I have decided to allocate $5 bn. for the capitalization of the new holding, of the allocated within the limits of stabilization program $10 bn. from the National Fund" - Nazarbaev said. Kazakhstan Holding for the Management of State Assets Samruk JSC was created by decree of the head of the state in January 2006, state shares of the number of the largest companies in Kazakhstan was transferred to its property. State fund Kazyna, founded in March 2006, is a management company set up to diversify Kazakhstan economy through the coordination of national development institutions in the strategy for industrial and innovation development of Kazakhstan for the period until 2015. The current structure of the Fund includes State Bank of Development (KDB), investment and innovation funds, state corporation export credit and investment insurance and investment fund business development Damu, corporation for the development and promotion of export of KAZNEX, Kazyna Capital Management, and Investment Promotion Centre. [2008-10-14]