New Baiterek holding to attract investments to State Industrialization Program

National Management Holding Baiterek will be established in Kazakhstan, Tengrinews.kz reports citing a decree signed by Kazakhstan President Nursultan Nazarbayev. The Decree On measures to optimize the management of development institutes, financial organizations and development of the national economy says that the key activities of Baiterek National Management Holding will include management of stakes (equity shares) in national development institutes, national companies and other legal entities that will be transferred into the holding's ownership for trust management. The President instructed to approve a list of stock companies and state shareholdings to be transfered in exchange for Baiterek holding's stock. The President also instructed to ensure transfer of the state property to Samruk-Kazyna National Welfare Fund under a swap contract. The legislative grounds of the holding’s activities have to be developed by January 1, 2014. Control over implementation of this Decree that comes into effect on the date of signing was entrusted to the Presidential Administration. The property transferred into ownership of Samruk-Kazyna National Welfare Fund will include gas pipelines and railroad transport facilities. Baiterek National Management Holding will work on providing funding for the State Program of Accelerated Innovative and Industrial Development. “Baiterek holding’s main mission, according to the President, is to ensure financing of the State Industrialization Program, attract funding for implementation of the State Program of Accelerated Innovative and Industrial Development. This is the main mission and objective. That means it will work with foreign investors, support entrepreneurship, attract local investments for implementation of the industrial program. We will evaluate the holding’s efficiency by how much financing is attracted into implementation of the industrial program,” deputy chairman of Samruk-Kazyna National Welfare Fund Kuandyk Bishimbayev said. Kazakhstan President instructed the government to make Kuandyk Bishimbayev chairman of Baiterek National Management Holding.