State pension fund will be privatized by the government of Kazakhstan

/IRBIS, Dec.28, 00/ - The Great Silk Road World News Agency informs, that the Kazakhstani government intends to offer the State Pension Fund for privatization, said a rep of the National Securities Committee of Kazakhstan. The rationale for this decision is that the State Pension Fund has completed its role as catalyst of development of pension reform. The European Bank for Reconstruction and Development is the most likely buyer. The State Pension Fund accounts for less than 40% of total pension assets, worth at KZT107.5 bln, and is gradually reducing its share. According to the initial project for privatization of the State Pension Fund, the strategic investor will privatize the institution, while part of shares will remain with the government. Another project also provides for the sale of the State Pension Fund with the major portion of shares to be held by the government. The obligatory condition is that the National Securities Commission must keep the list of shares, and shares must be quoted at the Stock Exchange.