Private sector to lead in financing projects within Industrialization Program - Minister Issekeshev

ASTANA.  December 15. KAZINFORM  /Damir Baimanov/ The majority of the investments of the projects being implemented within the country's industrialization program come from private sources. Minister of Industry and Trade Asset Issekeshev has said it at the session of the Club of Investors and Creditors in Astana today.
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"As is known, the Head of the State set a task to develop Kazakhstan's Industrialization Program. We plan to finish it soon. More than 300 projects are under consideration at present. We are also seeking for possible sources of financing; these are the national budget, national companies and SamrukKazyna and KazAgro holdings. However, the majority of the investments will fall on private enterprises", the Minister noted.

According to Issekeshev, every project undergoes thorough study and examination. "As initial estimates show, we will need from USD 70 bln up to USD 100 bln for this. Today we have announced creation of the Club of Investors and Creditors which unites 15 banks and private funds. All of them are interested in the program's realization. Some of the banks are ready to provide credit lines to the sum of USD 1 bln", the Minister added.

As he clarified the Club will create a dialogue platform between the state and financial sector of the country. "Participation of the financial sector in industrialization program is of paramount importance", he stressed.

Within the session the parties signed several agreements. Thus the Ministry of Industry and Trade has entered into agreement on cooperation with leading financial institutions of the country like the Development Bank of Kazakhstan, the Eurasian Development Bank, HSBC, Sberbank of Russia, RBS, Sociate Generale, Credit Suisse, Halyk Bank, ATF Bank, BankCenterCredit and others.

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