Kazakhstan devotes record funding to attract foreign investment

ASTANA – The government has allocated a record 12.2 billion tenge (US$37.8 million) to attract foreign investment in 2017, reports Finprom.kz.

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The financing will develop industrial zones and parks as well as the infrastructure of special economic zones (SEZ) in the Almaty, Astana, Mangistau and Pavlodar regions. It will also be used for support services.

This year, funding to develop the infrastructure of industrial zones increased two-fold to 5.4 billion tenge (US$16.7 million). Last year, 2.5 billion tenge (US$7.7 million) was allocated.

The growth of the volume of investments in the fixed capital of enterprises in SEZ territories, except the National Industrial Petrochemical Technopark, the Khimpark Taraz, the Khorgos – Eastern Gate, is expected to reach 130 percent this year compared to 2014.

Funds allocated for the first four months of 2017, was 3.5 billion tenge (US$10.8 million), which is almost four times higher than last year.

It is also reported that 2.6 billion tenge (US$8 million) was allocated to construct engineering and transport infrastructure of the industrial zone in the Alatau district in Almaty. For the first five months of this year, 1.4 billion tenge (US$4.3 million) has already been disbursed which is 62 percent more than for the same period last year.

In addition to the targeted transfer, the city budget allocates an additional 3.2 billion tenge (US$9.9 million) for the development of investment project infrastructure.

Also, 1.7 billion tenge (US$5.2 million) was allocated for the construction of the new industrial zone of Astana and 0.9 billion tenge (US$2.7 million) of these has been disbursed.

The government has also allocated 818.2 million tenge (US$2.5 million) for the construction of engineering infrastructure facilities at the Aktau Seaport SEZ in the Mangistau region and 194.3 million tenge (US$602,135) of these has been disbursed.

Three hundred million tenge allotted for the Pavlodar SEZ in the Pavlodar region and 120 million tenge (US$371,880) of these has also already been disbursed.