Kazakhstan Chamber of Commerce in the USA

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Kazakhstan – economy 0

Posted on May 24, 2015 by KazCham

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MAY 22 2015 (SRI) – Kazakhstan’s economy is more competitive than Russia’s economy and it should achieve growth of around 3% this year because of a slight rise in oil prices, Kazakh Central Bank chief Kairat Kelimbetov told Reuters in an interview on Friday.

The 3% growth rate figure is roughly double the figure that the IMF had predicted the Kazakh economy would grow at earlier this week.
Mr Kelimbetov again said that the Central Bank wouldn’t devalue the tenge currency.

–ENDS–

Copyright — Silk Road Intelligencer (SRI) 2015

EBRD and Kazakhstan’s National Bank to provide $1billion tenge in loans to local businesses 0

Posted on June 05, 2014 by KazCham

The Astana Times

Kazakhstan’s National Bank has signed two agreements that will make $1billion tenge available to the European Bank for Reconstruction and Development (EBRD) for giving loans to local institutions.

The first agreement makes $400 million tenge available to the EBRD, while the second agreement will provide $600 million over a three-year period.

The National Bank’s Governor Kairat Kelimbetov and EBRD’s Managing Director Olivier Descamps signed the agreement during the Astana Economic Forum. Descamps said, “Our strategic priorities in Kazakhstan focus on diversification, development of the regional infrastructure and strengthening the role of the private sector. These priorities require us to lend more to local businesses in local currency. Today’s agreements open the door for us to significantly increase and improve our lending in tenge.”

The EBRD will lend to Kazakh banks, non-banking financial institutions and corporate clients as well as to micro, small and medium-sized enterprises. EBRD has recently funded projects like energy-efficient buses and a project to modernise home heating systems.

Kazakhstan, which has received nearly $6.5 billion in investment from the EBRD, became a donor to the EBRD in 2013.

Kazakhstan’s Not Just About Oil: Deputy Prime Minister 0

Posted on October 23, 2012 by KazCham

Liza Jansen, CNBC, Oct 19, 2012

Energy markets may be eagerly waiting for production at a key new Kazakh oilfield to kick off, but Kazakhstan’s deputy prime minister Kairat Kelimbetov told CNBC that there is more to Kazakhstan than just oil production.

“We want to create a new economy. Our economic strategy is to diversify the economy and create non-oil sectors,” Kelimbetov said.

Its economy, heavily reliant on natural resources including oil, gas, uranium and zinc, suffered in the wake of the financial crisis as commodities prices fell. The country’s four largest banks received at least $3.47 billion in capital injections from the government in 2008. The country’s GDP growth slowed in 2012 to 5.6 percent, down from 7 percent in 2011, according to World Bank data.

There have also been much-publicized criticisms of Kazakh state-backed companies which have listed outside the country, particularly London-listed ENRC [ENRC-LN  345.50     -3.40  (-0.97%)].

Kelimbetov said he sees opportunities to expand Kazakhstan’s mining, chemicals, food processing and agricultural industries.

The Deputy Prime Minister added investment appetite in Kazakhstan is “huge” and that the government is thinking of launching a privatization program because they would like to sell assets in the energy sector and the banking sector.

Production at the much-anticipated Kashagan oilfield, at man-made islands off the coast of the former Soviet Union country, is expected to start in 2013 — 8 years behind schedule.  Once production is on stream, the country could turn into one of the world’s top ten oil producing countries, according to analysts.

Kazakhstan holds up to 3 percent of the world’s recoverable oil reserves and plans to increase crude output by more than 20 percent to 100 million tonnes by 2015, according to Reuters data.

Kazakhstan Daily News Roundup – May 4, 2011 0

Posted on May 04, 2011 by KazCham

ENERGY:

CPC expansion, regardless of Bosporus bypass – KMG head (New Europe)

World Wide comments on Kazakhstan arbitration (Marketwire)

BUSINESS AND ECONOMY:

Kazakhstan tries to beef up exports
(bne) – Kazakhstan wants to take advantage of its proximity to the world’s largest beef importers. The country’s abundance of pastureland and history of nomadic herding is a good start, but investment in modern technologies and good breeding stock are going to be equally important.

Mittal rumored to buy KazStroyService
(SRI) – Lakshmi Mittal, the India-born billionaire, plans to buy a 35% stake in Kazakh engineering, procurement and construction firm KazStroyService, India’s Business Standard reported on Sunday.

A new Silk Road beckons from Central Asia, igniting dreams in Kazakhstan
(Washington Post) – A thousand years after the Silk Road began disappearing into the wind-blown steppe, the people of Kazakhstan are awaiting a modern, paved, high-speed version carrying 21st-century jewels such as jobs, indoor plumbing and connections to the global economy.

Kelimbetov to end stint on Sberbank’s supervisory board (SRI)

Kazakhstan to raise per capita income by 50% by 2016 – Nazarbayev (SRI)

Halyk posts biggest first-quarter profit among Kazakh lenders (Bloomberg)

Venus Airport Investments takes over Almaty airport (Interfax)

Kazakh president wants ‘road map’ for new international currency (RFE/RL)

Indicators – May 3, 2011 (Reuters)

POLITICS:

Obama, Kazakh leader talk ‘democratization’
(AFP) – President Barack Obama spoke with the Kazakh leader Saturday about the central Asian country’s need for “greater democratization,” the White House said in a statement.

Kazakhs ratifies agreement with US on air transit of supplies and troops (AP)

Two former top Kazakh judges detained for suspected corruption (RFE/RL)

SOCIETY:

Magnitude 5.4 earthquake hits Kazakhstan – USGS (Reuters)

SOURCE: http://silkroadintelligencer.com/2011/05/04/kazakhstan-daily-news-roundup-may-4-2011/

Kazakhstan Daily News Roundup – October 25, 2010 0

Posted on October 25, 2010 by KazCham

HEADLINES:

KazMunaiGas EP discovers oil in western Kazakhstan
(SRI) – KazMunaiGas Exploration Production (KMG EP), the upstream-focused subsidiary of the Kazakh national oil company, said on Friday it had struck oil at the Liman Block in western Kazakhstan.

Moody’s downgrades debt rating of four Kazakh banks
(SRI) – Moody’s, the credit rating agency, downgraded last week the long-term senior unsecured and subordinated debt ratings of Kazkommertsbank, Halyk Bank, Bank CenterCredit (BCC), and Alliance Bank.

ATF Bank appoints new CEO
(SRI) – ATF Bank, a subsidiary of Italian Unicredit Group and Kazakhstan’s fifth largest bank, named Romeo Collina the new chief executive officer last week replacing Alexander Picker.

ENERGY:

Kelimbetov on KazMunaiGas IPO – video (Bloomberg)

Kazakh oil workers strike over detained union activist (RFE/RL)

World Petroleum Council will hold next meeting in Astana in 2012 (Interfax)

BUSINESS AND ECONOMY:

Kazakhstan seeks to strengthen ties with EU (Dow Jones)

Almaty subway line tested for first time (RFE/RL)

Agency for Local Content Development complains subsoil users don’t buy enough products offered by domestic light industry (Interfax)

Indicators – October 22, 2010 (Reuters)

METALS AND MINING:

KazakhGold must end rows before Polyus deal – government (Reuters)

POLITICS:

Kazakh opposition leader announces plan to run for presidency (RFE/RL)

REGIONAL:

Russia may join pipeline through Taliban area (AFP)

Hundreds rally in Kyrgyzstan against security boss (AP)

Turkmenistan keen to boost gas exports to Russia – president (AFP)

SOURCE: http://silkroadintelligencer.com/2010/10/25/kazakhstan-daily-news-roundup-october-25-2010/



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