• Спецпроекты
  • Weather forecast
    • Exchange Rates
    • 432.22
    • 515.14
    • 5.6
  • SEND YOUR NEWS TO US WhatsApp +7 (777) 001 44 99
  1. Main
  2. Learn
  3. Industry
  4. Industry, Infrastructure

More Islamic investments to Kazakhstan 17 января 2014, 14:48

The Islamic Corporation for the Development of the Private Sector (ICD) is going to invest into 4 new projects in Kazakhstan in 2014.
  • Vkontakte
  • Facebook
  • Twitter
  • Одноклассники
  • Telegram
Новостью поделились: человек

During the High Level Group Regional Forum in Almaty, Islamic Corporation for the Development of the Private Sector (ICD), a member of Islamic Development Bank Group (IDB), announced its intention to invest into four new EXPO-2017-oriented projects in Kazakhstan in 2014, Tengrinews reports. ICD, Baiterek Holding and LGK Holdings signed a memorandum to create the Central Asian Fund of Renewable Energy with the initial capital of $50 million. The memorandum also involves a plan of development of six renewable energy source projects in Kazakhstan in 2014 and 2015. At the initial stage, the Fund will only finance projects in Kazakhstan. ICD is going to cooperate with the Investment Fund of Kazakhstan in development of float-glass production in Kyzylorda in southern Kazakhstan. The $200 million worth project will start its operation in 2016. ICD considers the glass manufacturing project to be of strategic importance for the upcoming EXPO-2017, because this is going to be the first project of this sort in Central Asia. According to Mitkhat Korkmaz, a representative of the Aluminum Extrusion Plant that is being built by Aluminum Kazakhstan LLP, ICD will provide $10 million for procurement of manufacturing lines and raw materials during the first year of its operations. “The total cost of the project is $22 million and it will create 150 new jobs. The plant will start its work in August, 2014. It will be producing 600 tons of aluminum extrusion per month. It two years we plan to take the production to 1000 tons a month,” Korkmaz said. ENRC will be supplying aluminum from Pavlodar Oblast for the plant. ICD has achieved an agreement with OLZHA Holding to cooperate in construction of a grain terminal and elevator in Aktau, in western Kazakhstan. The terminal with have the capacity of 1 million tons per year. It will be focused on exporting grain to the Middle East and North Africa. The construction is expected to begin this summer. ICD, affiliated with Islamic Development Bank Group, supports economic development of its member countries by providing finances to private sector projects in accordance with the principles of the Islamic law. ICD aims to invest into projects that are specifically designed to create new employment opportunities and increase exports. By Azhar Ashirova

Nobel prizewinner proposes a new city in KZ
New abnormal snowfalls expected in Kazakhstan
Huge glacier retreat triggered in 1940s
Hyperloop construction begins in Las Vegas
"Moonlight" to top Spirit Awards nominations
Oil prices fall due to investors uncertainty
New dwarf galaxy discovered around Milky Way
Kanat Islam becomes a top ten WBO boxer
World oil prices continue to rise
Kazakhstan expects warming - Kazhydromet
Merkel to seek fourth term as chancellor
Sale of Tintin drawings set to break records
US, EU stocks fall as markets focus on dollar
Pacific leaders urged to defend free trade
EU warns eight nations on budget deficit
Universiade-2017: Athletic Village is ready
Bob Dylan can't make Nobel ceremony
Messi will never leave Barca - club president
Google, Facebook take aim at 'fake' news
Aerosmith announces Europe 'farewell' tour
Putin, Trump to normalise US-Russia ties
At least 10 hurt in southern Turkey blast
6.2 quake hits western Japan