Kazakhstan Chamber of Commerce in the USA

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ADB to provide $200 million for SMEs in Kazakhstan 0

Posted on November 19, 2016 by KazCham

Centil Law Firm BI@centil.law

The Asian Development Bank (ADB) has approved a $200 million equivalent loan to provide much-needed financing in local currency to micro, small- and medium-sized enterprises (MSMEs) in Kazakhstan.

The loan will be channelled through the Damu Entrepreneurship Development Fund, a government-owned agency mandated to provide loans and guarantees to MSMEs through qualified microfinance organisations and local banks. The ADB loan will be provided in tenge to reduce currency-related risks for financial institutions and their borrowers.

In addition to the loan, the ADB will provide a technical assistance grant of $500,000, financed by the Government of Luxembourg through the Financial Sector Development Partnership Special Fund to help improve the credit risk management of selected financial institutions and expand financing opportunities for MSMEs.

Kazakhstan ratifies Asian Infrastructure Investment Bank agreement securing $729.3 million share 0

Posted on January 22, 2016 by KazCham

Colibri Law Firm BI@colibrilaw.com

Kazakhstan’s senate has approved the Asian Infrastructure Investment Bank agreement that defines the country’s $729.3 million share in the bank’s capital, as many anticipate the AIIB becoming a rival to the World Bank and Asian Development Bank within the region. In Uzbekistan, $843.8 million from its Fund for Reconstruction and Development is set to be allocated to the implementation of 27 projects included in the 2016 state investment programme, and the country is also set to use over $4 billion in foreign investments in 2016, with the lion’s share of these funds allocated to the fuel and energy sector. Meanwhile in Iran, electricity generation projects worth $30 billion are due to the opened up to foreign investors.

 

Kazakhstan diversifying economic base, looking forward to hosting 2014 ADB meet: Minister 0

Posted on May 09, 2013 by KazCham

May 6, 2013, ANI

New Delhi, May 6 (ANI): Kazakhstan’s Minister for Economy and Budget Planning, Yerbolat Dossayev, has said that his country is looking forward to hosting the 47th meeting of the Board of Governors of the Asian Development Bank (ADB) in Astana in the first week of May 2014.

Participating in the 46th meeting of the ADB Board of Governors in the National Capital Region (NCR) here this past week, Dossayev said his country is carefully monitoring the measures taken by the world community, including efforts by the G-20 states and euro-zone countries, and their efforts to cope with the challenges that they currently face.

He informed participants that Kazakhstan has managed to attract over 160 billion U.S. dollars in foreign direct investments since 1993.

Dossayev further revealed that Kazakhstan is in the process of economic modernization.

“Our President has initiated a large scale industrial and innovation development program, which epitomizes our efforts to diversify our economic base away from the natural resources dependence. The key priorities of this program are agricultural, metallurgy, chemical, pharmaceutical, construction, transport and communication sectors,” he said.

He further revealed that economic policy is focused on diversification of the economy and its export structure.

“Today, more than 700 projects with the cost of more than 80 billion U.S. dollars are implemented in Kazakhstan. Implementation of this program creates 180,000 workplaces. Kazakhstan also has a significant agricultural potential. In this regard, much attention is paid to the agro-industrial complex development. The main goal is to bring the agrarian sector on a new level of quality, and thereby, provide high competitiveness of the agro-industrial complex. We are planning to invest more than 20 billion US dollars for these purposes up until the year 2020,” Minister Dossayev revealed.

He said that considering its geographic location between Europe and Asia, Kazakhstan has a significant transit potential.

“If the early development objectives were economic structure transformation, then today, the main tasks are aimed at boosting competitiveness and modernizing our economy. The key objective of the coming development stage is providing tools and direction for Kazakhstan’s entering into the top 30 most developed world countries by 2050,” he said.

He said that the Prime-Minister of Kazakhstan has already formed an organizing committee for next year’s 47th ADB annual meeting, the main theme of which would be “New Silk Road Connecting Asia and Europe in the Changing World”.

According to the World Bank, Kazakhstan ranked 47th in the “Doing Business” rating. According to different estimates, Kazakhstan ranks 6th in the world by total amount of its mineral resources, roughly around 46 trillion US dollars. The largest numbers of which are oil and gas, chrome, uranium, zinc and iron. It is 9th largest country in the world in terms of territory, but has only have 17 million people.

Overall, Kazakhstan has managed to increase its economic potential more than twofold in the last decade. GDP of the country in absolute terms increased from 11 billion US dollars in 1993 to 203 billion US dollars in 2012. Per capita GDP increased from 696 US dollars in 1993 to 12,000 US dollars in 2012. According to different estimates per capita GDP by 2020 will be over 20,000 US dollars. The unemployment and inflation rate have not exceeded five percent. Projected GDP growth rate in 2013 is six percent. (ANI)

 

News Bulletin of the Embassy of the Republic of Kazakhstan, No. 10 May 8, 2013

Embassy Fellowship for Travel to Kazakhstan 0

Posted on July 24, 2012 by KazCham

Embassy of Kazakhstan, July 23, 2012

To encourage trips of US students to Kazakhstan, the Embassy of Kazakhstan has launched a fellowship in cooperation with Kazakhstan’s National Airline “Air Astana”, Kazakh Travel Agency Sayat (www.sayat-travel.kz/) and the US-based Russian American Travel Agencies Association (RATA, www.russiantravelusa.com/).

Candidates for Kazakhstan Embassy fellowship were required to submit a 500-word abstract on the topic, “Discovering new Kazakhstan: bringing US innovations to Kazakhstan to develop Kazakhstan-US Science and Technology Partnership.”

Out of 15 abstracts, two have been selected and announced. Emin Hasanov from New York University and Charles Santos from University of North Carolina at Chapel Hill will be traveling to Kazakhstan in August of this year to conduct their proposed research projects.

Charles Santos proposed implementing mobile health services in Kazakhstan, and Emin Hasanov wrote about efficiency of wind farms as alternative source of energy.

They will have a weeklong, free trip to explore the three major cities of Kazakhstan during the period of August 6-12. The fellows will be provided an opportunity to meet with representatives of the Ministry of Foreign Affairs, Ministry of Industry and New Technologies, Nazarbayev University, Pharmaceuticals National Medical Holding, Zhetysu Public Private Partnership company, US Embassy in Kazakhstan, USAID and Asian Development Bank. The fellowship aims to make Americans more familiar with Kazakhstan, its business opportunities and its science and technology development. All expenses will be paid for with the exception of food costs and other incidentals.

The Embassy of Kazakhstan offers its sincere congratulations to the winners and hope that their research papers will contribute to the scientific cooperation between our countries and help promote genuine friendship between our countries.

Kazkommertsbank to lend to local SMEs 0

Posted on October 16, 2011 by Alex

Kazakhstan’s largest bank, Kazkommertsbank, said on Thursday it had been selected by the Asian Development Bank (ADB) and the state-owned DAMU Entrepreneurship Development Fund to implement ADB’s SME lending program.  ADB will lend KZT7.4 billion ($50 million) to Kazkommertsbank to provide financing to local small-  and medium-size businesses.

ADB said in September it would provide a total of KZT22.2 billion ($150 million) in local-currency financing to support SME lending in Kazakhstan.

SOURCE: SRI, Kazakhstan Daily News Brief, Issue dated October 14, 2011

Kazakhstan Daily News Roundup – October 3, 2011 0

Posted on October 03, 2011 by Alex

ENERGY:

Kashagan moving towards first oil 
(SRI) – The Western-led consortium developing the giant Kashagan oil field is working towards commissioning its facilities to launch commercial production in 2012, the Panorama business weekly reported on Friday.

BMB Munai announces cash dividend from Emir Oil deal (SRI)

Kazatomprom ups 2011 uranium output forecast (SRI)

Ukrainian companies interested in participating in hydrocarbon exploration and production projects in Kazakhstan (Interfax)

BUSINESS AND ECONOMY:

BTA makes $175-million payment on trade finance loan (SRI)

Ex-Im Bank lends $425 million to Kazakhstan’s railways (SRI)

Foreign debt rises by 5% in first half – central bank (SRI)

Tsesnabank to raise $37 million (SRI)

Asian Development Bank to provide local-currency financing to Kazakh SMEs (SRI)

Kazakhstan important link between China and Europe (Trend)

KazAviaSpektr to launch an agricultural plane plant in December in Karaganda (Interfax)

Indicators – September 30, 2011 (Reuters)

METALS AND MINING:

Kazakhmys begins share buyback program (SRI)

Fortis Mining granted halt pending Potash Salt Deposits geological report (Proactive Investors)

SOCIETY:

Top Kazakh Muslim cleric raps tough new religion law, warns of extremism (Reuters)

Kazakh strikers demand apology from president’s son-in-law (RFE/RL)

REGIONAL:

Moscow strives to clarify vision for Central Asian alliance (EurasiaNet)

In post-Soviet Central Asia, Russian takes a backseat (RFE/RL)

Obama, Uzbek leader discuss Afghan supply route (Reuters)

SOURCE: http://silkroadintelligencer.com/2011/10/03/kazakhstan-daily-news-roundup-october-3-2011/

Kazakhstan Daily News Roundup – May 16, 2011 0

Posted on May 16, 2011 by KazCham

HEADLINES:

New focus on “people’s IPO” following election
(bne) – With Kazakhstan’s presidential elections out of the way, the focus in Astana is on the “People’s IPOs”. Plans to sell minority stakes in various state-owned enterprises are a little behind schedule, but due to take place by the end of the year.

ENERGY:

MIE Holdings issues $400-million bond to buy Kazakh oil junior (SRI)

Max Petroleum begins drilling NARS-1 exploration well on Narmundanak South prospect(Proactive Investors)

Tub-Karagan-2 exploration well completed (Interfax)

Uranium One turns a profit in the first quarter, posts record revenue (Proactive Investors)

BUSINESS AND ECONOMY:

Kazkommertsbank issues $300-million Eurobond
(SRI) – Kazkommertsbank, Kazakhstan’s largest lender by assets, has placed a seven-year Eurobond worth $300 million at an annual rate of 8.50% on May 5, the bank said last week.

Kazakh bank BTA returns to profit, may sell assets
(Reuters) – Kazakh bank BTA is open to offers for its Belarussian and Turkish assets and will seek to expand lending to the retail sector and small businesses at home this year, the bank’s chief executive said last Thursday.

Kazakhstan Temir Zholy repays $450-million Eurobond (SRI)

Asian Development Bank to lend $500 million to Kazakhstan for SMEs (SRI)

On the move: Samruk-Kazyna (SRI)

Kazakhstan GDP grows 6.6% in Q1 – statistics agency (Reuters)

Kazakhstan oligarch suffers setback in London legal battle (EurasiaNet)

Indicators – May 13, 2011 (Reuters)

METALS AND MINING:

Glencore’s $7.6-billion Kazakh business under threat
(Telegraph) – Kazakhstan’s leading opposition figures have accused Glencore of benefiting from an illegal privatisation of assets, amid fears the recent commodities sell-off could hurt the company’s valuation or force it to pull its $61-billion flotation.

ENRC warns on cost pressures, Q1 output rises (Reuters)

POLITICS:

Kazakhstan making steady progress against corruption (The Hill)

Kazakhstan: Washington experts go on spin cycle (Eurasia Review)

Kazakhstan and NATO preparing for a new partnership stage (Interfax)

 



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