Kazakhstan and Hungary to establish Kazakhstan agricultural growth fund

ASTANA. KAZINFORM - An agreement on establishment of the Kazakhstan agricultural growth fund was signed in Astana within the framework of the visit of Prime Minister of Hungary Viktor Orban to Kazakhstan, the press service of the "KazAgro" JSC informs.

"The work on establishment of the fund is carried out by "KazAgro" Holding jointly with Hungary's Eximbank. The purpose of establishment of the fund is investing in the projects of agro-industrial complex of Kazakhstan," the statement of the press service reads.

The amount of the capital stock is USD 40 billion with the equal participation of "KazAgro" Holding and the Hungarian side 50% each.

"The activity of the fund will be aimed at strengthening of bilateral trade and cooperation between Kazakhstan and Hungary by means of developing a pilot project and creation of profitability for investors; transfer of Hungarian and foreign technologies to the agricultural market of Kazakhstan; creation of a platform able to attract additional investments and improve multilateral cooperation," the statement reads.

The fund will be allocating investments to companies working in Kazakhstan in the sphere of agriculture and processing of food products.

Presently, "KazAgro" Holding hold talks with more than 10 Hungarian companies that plan to invest in the agricultural sector of Kazakhstan.