Implementation of Government Stabilization Plan started: K.Kelimbetov

ALMATY. January 21. KAZINFORM /Dauren Zhailin/ The Stabilization Plan of the Government was adopted last week and its implementation was started. ?National Welfare Fund ?SamrukKazyna? JSC CEO Kairat Kelimbetov has announced it signing a memorandum of cooperation between the Almaty administration and the Fund; Kazinform reports.

He reminded that in the end of 2008 USD 5 bln were allocated from the Kazakh National Fund. These funds are placed on the Fund?s account in the National Bank, their main mission ? USD 4 bln will be spent for additional capitalization of the banking system and USD 1 bln - for implementation of industrial, infrastructural and innovative projects. In the framework of the additional capitalization the Government initiated the additional capitalization of top four banks ? ?Kazkommertsbank?, ?Halyk Bank?, ?BTA Bank? and ?Alliance Bank? on October 24, 2008. On November 28, 2008 the Government, ?SamrukKazyna? Fund signed corresponding memorandums with the top banks. ?On January 15, 2009 the first agreements on realization of these memorandums between the Fund and two banks ? ?Kazkommertsbank? and ?Halyk Bank? were signed. In particular, it was agreed, that in the nearest time the first funds will be transferred to the accounts of the two banks for their additional capitalization?, K.Kelimbetov emphasized. According to the CEO, the country supported stability of the banking system and banks? capital. ?This is a signal for population and business community on soundness of these banks?, K.Kelimbetov said.