Kazakh Companies to Shift From U.K., Governor Says, FT Reports
Dec. 7. Bloomberg
By Morwenna Coniam
Kazakh companies plan to move part of their fundraising away from London because U.K. investors failed to stand by Kazakhstan during the financial crisis, the country’s central bank governor Grigory Marchenko said, the Financial Times reported.
Companies from Kazakhstan would now look to the Middle East and Hong Kong as well as London when raising money, meaning London’s share of future fundraisings will fall from about 90 percent before the crisis to perhaps 50 percent, Marchenko said in an interview, according to the newspaper said.
Kazakhstan will avoid registering a recession for 2009 due to a recovery in commodity prices and the government’s $19 billion support package for 2008-9, Marchenko also said, the FT reported.