IBRD to finance innovations in Kazakhstan
The Ministry of Finance of Kazakhstan signed a Loan Agreement with the International Bank for Reconstruction and Development (IBRD), the press service of the ministry said.
The project, funded by the IBRD, provides for the promotion of
productive innovation, improving the competitiveness of the economy
by promoting research and production relations and the development
of an incubation cycle of technologies.
The project is scheduled for completion in 2020.
The loan in the amount of $88 million is provided to Kazakhstan
with a maturity of 15 years, including a 5-year grace period. The
interest rate is LIBOR + variable spread for each interest period.
One-time commission is 0.25 percent. Commitment fee is 0.25 percent
per annum from the unwithdrawn loan amount.
Servicing and repayment of the attracted loan will be carried out
by the Ministry of Finance at the expense of the funds provided in
the Law on the national budget for the next fiscal year in
accordance with the financial terms and conditions set forth in the
Loan Agreement.
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