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EBRD invites partnership with development fund Kazyna
Kazyna and the EBRD will broaden their cooperation in project financing and
support for economic development. A working group of senior representatives
from the European Bank for Reconstruction and Development (EBRD) and the
Sustainable Development Fund Kazyna are gathering in Astana today for a joint
workshop to discuss ways to deepen their cooperation. The two institutions
will exchange views on project financing and equity investments as well as
identify pilot projects that could be co-financed.
André Küüsvek, EBRD country director for Kazakhstan, sees a deepening
cooperation between Kazyna and the Bank as a natural step forward since the
objectives of both institutions largely coincide. By joining forces, the EBRD
will bring an international perspective and the benefits from its wide
experience in project financing in the region. Kazyna, on its part, will bring
a better understanding of the development needs of Kazakhstan.
Kazyna was established in March 2006 to manage activities of Kazakhstan's
state-owned development institutes and carry out investment projects in the
non-primary industry. Seven development institutions are incorporated in
Kazyna - Development Bank of Kazakhstan, Investment Fund of Kazakhstan,
National Innovation Fund, Small Entrepreneurship Development Fund, Centre of
Marketing & Analytic Research, State Insurance Corporation of Kazakhstan for
the insurance of export credit and investments and Kazinvest.
The EBRD, set up in 1991 to foster the transition to the market economy of
countries in central Europe and the former Soviet Union, has now invested a
total $43 billion since its inception. The total amount of investment
mobilised in the region, including funds raised via commercial co-financing,
has now exceeded $130 billion.
In Kazakhstan as of end-2006, the EBRD has financed projects with a total
value of $4 billion, including EBRD financing of $2 billion. The Bank
continues to be actively involved across a number of economic sectors in
private and public sector projects with a focus on the financial sector.
In 2006, the EBRD expanded its geographic reach with Mongolia joining the Bank
as a country of operations in October. Following its independence, Montenegro
also became a separate country of operations, bringing to 29 the number of
countries where the EBRD is active.
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