ASTANA, Kazakhstan, August 28. In a move to diversify its capital sources, the Board of Directors of the National Welfare Fund Samruk-Kazyna has approved plans to raise external financing through its debut panda bond issuance in the Chinese market, Trend reports via the press service of Kazakhstan’s Prime Minister.
This decision was made during a meeting of the Board of Directors of JSC “National Welfare Fund ‘Samruk-Kazyna’,” chaired by Prime Minister Olzhas Bektenov.
The Board reviewed a report by the Fund’s Chairman of the Management Board, Nurlan Zhakupov, on the progress of implementing the President of Kazakhstan’s directives related to the execution of major investment projects. The meeting also considered the Fund’s key performance results over the first seven months of the current year.
The Board was briefed on the status of major investment projects covering priority sectors of the economy.
“As a result, a decision was made to expand the list of projects to 52 by adding 6 new ones. To date, EPC contracts have been signed for 30 projects. Construction and installation works are underway for 24 projects, and 4 projects have already been launched. Eleven projects are at the pre-investment stage, and another 11 are in the design phase. The fund utilization rate for major projects reached 101 percent, with local content accounting for 273 billion tenge ($519 million),” the statement said.
Board members were also presented with information on the development of research and development (R&D) and the implementation of artificial intelligence within the Fund’s group of companies. Currently, two R&D projects have been completed:
A project for processing associated gas at the Akshabulak field in the Kyzylorda region, which will increase processing volumes by 33 percent.
A project involving comprehensive activated aluminum reagents, which will improve water treatment efficiency by reducing turbidity by up to 99 percent.
In addition, as part of funding diversification, the Board of Directors approved the attraction of external financing through the debut issuance of panda bonds in the Chinese market.
Following the meeting, the management of Samruk-Kazyna was instructed to ensure the timely implementation of investment projects, strengthen quality control over construction and installation works, and adhere to commissioning schedules.
