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Kazakhstan, China create joint investment fund

8 June 2018 17:31 (UTC+04:00)
Kazakhstan, China create joint investment fund

By Kamila Aliyeva

Kazakhstan and China signed an agreement to establish a Eurasian Nurly Investment Fund on June 8.

The document was signed by Chairman of the Board of National Management Holding Baiterek Aidar Arifhanov on behalf of Kazakhstan, as well as Director General of CITIC Eurasian Capital Limited Sun Yang and President of the China-Eurasian Economic Cooperation Fund Lin Gang.

The planned target size of the fund to be will amount to up to $500 million, the Baiterek press service said.

The fund will finance projects in Kazakhstan in development of infrastructure, processing of natural resources, logistics, information technologies, processing industry and agribusiness complex, Arifhanov said.

The Kazyna Capital Management JSC, a subsidiary of the Baiterek holding, will become a Kazakhstan’s partner in the implementation of the agreement.

“The new Eurasian Nurly Investment Fund will attract investments to the economy of Kazakhstan from the major institutional and private investors of China - CITIC Group, China Eurasian Economic Cooperation Fund, Asia Investment Finance Group Limited and others,” said a representative of Kazyna Capital Management.

Baiterek is a public joint stock company that was established in May 2013 by a decree of the President of Kazakhstan and Kazakhstan government order. It is 100 percent owned by Kazakhstan. Baiterek is one of three national management holding companies and acts as the state's quasi-fiscal vehicle, channelling funds from the state to the national economy. Baiterek's institutional mission is to foster Kazakhstan economic diversification and development.

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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

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