Kazakh sovereign fund plans to raise $1 bln in 2011

Jan 24. Reuters. ASTANA

* Plans to raise $500 mln on international markets
* To issue $510 mln bonds on local market
* Will draw down $2 bln of Chinese loan package

Kazakh sovereign fund plans to raise $1 bln in 2011Kazakhstan’s sovereign wealth fund, Samruk-Kazyna, plans to attract more than $1 billion from local and international markets this year to fund a range of financial and industrial projects, the company said on Monday.

Samruk-Kazyna will also draw down an additional $2 billion in Chinese state funding already agreed as part of a $13 billion loan package signed in 2009, the fund’s press service said, citing executive director Abai Iskenderov.

Of the approximately $1 billion to be raised this year, up to $500 million will come from international markets, Iskenderov said. The fund also plans to issue 75 billion tenge ($510 million) worth of seven-year bonds on the domestic market.

Samruk-Kazyna controls assets worth $70 billion, including state oil and gas company KazMunaiGas [KMG.UL], uranium miner Kazatomprom, state railway company Kazakhstan Temir Zholy and shares in several of Kazakhstan’s leading banks.