National Bank Governor on investing pension assets into infrastructure projects

Assets of the single pension funds could be invested into profitable infrastructure projects, a Tengrinews.kz journalist reports, citing National Bank Governor Gregory Marchenko. “If some infrastructure projects are truly profitable and if the Board of the single pension fund approves of investments and if the National Bank as the market regulator decides this particular class of investments is acceptable, pension assets could be invested into such projects”, the National Bank’s PR Department quoted Mr. Marchenko as saying. “There should be some safeguards in place so that all the sides are sure the investments are recouped with a profit higher than the inflation rate (…) We are all interested in launching new industrial enterprises across Kazakhstan with a lot of new jobs”, Mr. Marchenko summed up. Pension savings are to be consolidated into a single pension fund by July 1, 2013. The single pension fund will be owned by the Government, whereas the National Bank shall act as the assets manager.