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7 companies to take part in Post-Crisis Recovery Program

25 января 2012, 18:39
Tengrinews.kz stock photo
Tengrinews.kz stock photo
Kazakhstan is running a program to help competitive companies of strategic significance for the country’s economy recover from the crisis, Karim Massimov writes in his Facebook.

The program was adopted last March during implementation of the President’s instructions on post-crisis recovery. It was developed to help competitive companies with debts of over 4.5 billion tenge ($30 million) recover. The state’s support in recovery of the companies is a temporary measure aimed at helping them switch to the growth strategy.

Last December the Recovery Council approved the list of 7 companies of food, processing and textile industries that became the participants of the Post-Crisis Recovery Program. the companies had to successfully pass two stages of selection to become the participants. First of all the companies has to collect the documents confirming their core nature and compliance with the Program’s requirements. The second stage included development of a plan of the company’s recovery, get the plan approval by the Creditors Commission and than have it reviewed at the meeting of the Recovery Council.

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