Kazakh-Kyrgyz investment fund selects four finalist projects

August 16. Universal Newswires

Kazakh-Kyrgyz investment fund selects four finalist projectsThe fledgling joint investment fund between Kazakhstan and Kyrgyzstan has selected four projects to finance, the chairman of Kazakhstan’s Kazyna Capital Management said on Thursday.

Kazyna Capital Management is the private equity investment branch of Kazakhstan’s national welfare fund Samruk-Kazyna.

The four projects selected for further condition include enterprises in dairy product processing, transport logistics, the irrigation sector, and packaging materials.

The enterprise proposals were chosen from 82 project proposals received by the investment fund, Kazakh Ambassador to Kyrgyzstan Beibit Isabaev said Thursday.

Additional steps remain before the investment organ provides funding to the enterprises.

“The selected projects will be presented to the board [of the investment fund],” Kazyna Capital Management Chairman Borisbay Zhaungurazov said.

“After this, the project must go through economic and legal checks. This process takes two months. After completion of all procedures, the money will be deposited in the companies.”

The fund has set aside an initial tranche of $30 million for the chosen projects.

The investment fund is expected to have $100 million in capital to provide support to new enterprises in Kyrgyzstan.

http://www.universalnewswires.com/centralasia/kazakhstan/viewstory.aspx?id=12627

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