ASTANA, Kazakhstan, January 29. Senators of Kazakhstan's Parliament have ratified a framework agreement between the country's government and the OPEC Fund for International Development on the organization of private sector operations, Maxim Spotkay, Head of the Senate Administration, said on his social media account, Trend reports.
The agreement is expected to establish a sustainable legal
framework for direct financing of the private sector through loans,
guarantees, and other financial instruments provided by the OPEC
Fund.
The document also confirms the Fund’s independence in making
financing decisions and provides for long-term and concessional
borrowing terms aimed at supporting sustainable economic
development.
In addition, the OPEC Fund is granted full legal capacity in
Kazakhstan. The agreement guarantees the protection of investments,
free currency conversion and transfer of funds, as well as the
exemption of the Fund’s assets and income from direct taxation.
Overall, the ratification is expected to facilitate the attraction
of long-term financing into Kazakhstan’s economy and contribute to
the development of the private sector.
The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities, and empower people. To date, the Fund has committed more than $30 billion to development projects in over 125 countries with an estimated total project cost of more than $200 billion.
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