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$3-3.5 billion of the National Oil Fund money may be injected into investment projects in 2013-2016

27 февраля 2012, 18:09
Gregory Marchenko. Photo by Vladimir Dmitriyev©
Gregory Marchenko. Photo by Vladimir Dmitriyev©
Investment projects based on public-private partnerships may demand $3-3.5 billion of investments out of the National Oil Fund within four years’ time, Newskaz.ru reports, citing the National Bank’s Governor Gregory Marchenko as saying February 27.

“Our stance is that the National Oil Fund’s money can be used on public-private partnership (…) The suggestion to finance projects out of the National Oil Fund is only applicable to projects involving strategic investors, the strategic investors are supposed to invest over half of the funds – up to 60%, with another 20% to be provided as a loan out of the National Oil Fund, with the rest of the amount raised through special state-supported bonds to be purchased by pension funds [as an investment tool]”, Mr. Marchenko told journalists on the sidelines of the sitting of Nur Otan fraction.

“Should this suggestion be approved, in 2013-2016 such projects may need $3-3.5 billion”, he said.

Head of the National Bank reminded that in 2011 the National Oil Fund had grown by $13 billion. “Therefore, if $3-3.5 billion is spent in the mid-run, it’s not a huge amount”, he summed up.

In his State of the Nation Address January 27, 2012, 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.

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. As of February 1, 2012, assets of the National Oil Fund made up $45.5 billion.

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