IBRD to finance development of innovations in Kazakhstan

June 11. Trend

By Elena Kosolapova

IBRD to finance development of innovations in KazakhstanThe Ministry of Finance of Kazakhstan signed a Loan Agreement with the International Bank for Reconstruction and Development (IBRD), the press service of the ministry said.

The project, funded by the IBRD, provides for the promotion of productive innovation, improving the competitiveness of the economy by promoting research and production relations and the development of an incubation cycle of technologies.

The project is scheduled for completion in 2020.

The loan in the amount of $88 million is provided to Kazakhstan with a maturity of 15 years, including a 5-year grace period. The interest rate is LIBOR + variable spread for each interest period. One-time commission is 0.25 percent. Commitment fee is 0.25 percent per annum from the unwithdrawn loan amount.

Servicing and repayment of the attracted loan will be carried out by the Ministry of Finance at the expense of the funds provided in the Law on the national budget for the next fiscal year in accordance with the financial terms and conditions set forth in the Loan Agreement.