Nazarbayev suggests investing National Oil Fund money into the economy

In his State of the Nation Address, President Nazarbayev suggested the National Oil Fund money be used in the form of loans to the national economy rather than kept with foreign banks. “We will have to borrow from the National Oil Fund to implement industrial projects. I believe it’s right. Let’s invest the money into the national economy rather than keep it with Western banks”, Nazarbayev said. “Investments sources to finance some of the industrial projects of prime priority have been found, whereas some projects are still looking for funds. I am asking the Government and the Parliament to revisit the national budget and allocate funds needed to finance the projects”, Head of State said. Nazarbayev is confident that the projects, including housing construction projects, “will drastically change the face of the national economy”. “All these projects will be our answer to the crisis to come. While all are predicting a new wave of the global crisis, we are turning Kazakhstan in a giant construction site, creating new jobs”. “Housing construction will breed construction, metallurgy and woodworking companies. There are thousands of opportunities for new businessmen. I believe they shouldn’t miss the chance”. The National Fund of Kazakhstan was created in 2000 as a stabilization fund that accumulates windfall revenues from oil sales and ensures the economy of Kazakhstan will be stable against the price swings of oil. The assets of the National Fund assets are monitored by the National Bank of the Republic of Kazakhstan. Assets of the National Oil Fund as of the end of December totaled $43.693 billion, 41.04% up against the end of 2010.