Home > Kazakhstan > Kazakhstan to Spend 686 bln Tenge in 2015 on Nurly Zhol Program

Kazakhstan to Spend 686 bln Tenge in 2015 on Nurly Zhol Program

Saturday 28 March 2015

ASTANA (Interfax-Kazakhstan) – Kazakhstan to allocate in 2015, 686 bln tenge to finance the Nurly Zhol Program, Deputy Finance Minister Ruslan Dalenov said. “The monies will be provided through the government budget and Baiterek Holding,” Dalenov told at Friday briefing in Astana.

In November 2014, Kazakh President Nursultan Nazarbayev announced in his extraordinary address to the nation a new economic policy of Kazakhstan called Nurly Zhol (“The Road to Prosperity”). The new policy is based on a five-year infrastructure development plan that will be concurrent with the second five-year period of Industrial and Innovation Development Program. Investors from over 100 countries will be involved in the new activities. Kazkhstan expects the investment portfolio to exceed 6 tln tenge, of which 15% will be provided by our government. This large-scale infrastructural development program will provide new opportunities to enterprises and give a boost to businesses through the development of new transport routes and associated transportation services. The project will also amplify the need for highly qualified managers and professionals.

The 686 bln tenge ($1 = 185.5 tenge) financing allocated for 2015 will include 423.5 bln tenge from the government budget, of which 207.8 bln tenge will be spent on infrastructure development projects, 112.5 bln tenge for utilities infrastructure and housing construction projects, 39.2 bln tenge on joint projects with the international financial organizations, 20 bln tenge on agricultural projects, 17.3 bln tenge on school construction projects, and 6 bln tenge on exploration projects, according to Dalenov.

The remaining 262.5 bln tenge will be allocated from the National Fund through Baiterek JSC to finance rental housing construction, SMEs, large-sized businesses, exporters and goods producers. National Management Holding Baiterek was organized in May 2013 to manage the stakes in the national institutes of development, the national companies and other legal entities. Baiterek either owns such stakes or manages them on behalf of the other stakeholders.

Baiterek manages the Development Bank of Kazakhstan (DBK), Investment Fund of Kazakhstan, DAMU Entrepreneurship Development Fund, Kazyna Capital Management, Baiterek Development JSC, Center for Management of Public Private Partnership Projects LLP, the National Agency for Technical Development, Zhilstroisberbank of Kazakhstan (Housing Construction Savings Bank), Mortgage Company of Kazakhstan, Mortgage Loan Guarantee Fund of Kazakhstan and KazExportGrant JSC.

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