Business news in brief

Samruk Kazyna Sovereign Wealth Fund, which will acquire another 50-percent share in Inter RAO’s Ekibastuz-2 Power Station, will own all its shares by year’s end, reported The price cannot be disclosed until the transaction is completed and closing the transaction will depend on conditions such as approval by management boards and obtained consent of creditor banks. Inter RAO decided to withdraw from the power station because it intends to focus on its key market, Russia, where it will launch a modernisation programme for generating equipment. After the transaction, the company will no longer have assets in Kazakhstan.

Kazakh Prime Minister Askar Mamin and U.S. Ambassador to Kazakhstan William Moser met July 23 to discuss investment, oil industry and agro-industrial cooperation. Last year, trade turnover between the countries increased 37.3 percent to $2.2 billion and U.S. investment inflow to Kazakhstan increased 44.7 percent to a record-setting $5.3 billion. Mamin noted the newly established Coordinating Council and Foreign Direct Investment Fund will attract greater investment in Kazakhstan by creating better business conditions for U.S. business partners.

QazAvtoJol will implement the road traffic safety project Vision Zero to eliminate many traffic fatalities and severe injuries, said company board chairperson Ulan Alipov at a July press conference. The strategy emphasises life and health cannot be exchanged for other benefits over emphasising conventional cost-benefit comparisons, in which a monetary value is placed on life and health to decide how much money is spent on reducing road risks. QazAvtoJol will also automate and digitise its construction and installation processes and transfer executive documentation to an electronic format as part of its support for the Kazakh Ministry of Industry and Infrastructure Development’s anti-corruption initiative Adaldyk Alany.

A national roadmap is being developed to promote exporting Kazakh goods and services, said First Deputy Prime Minister and Minister of Finance Alikhan Smailov at a July government meeting. It will focus on building new trade contracts in Central Asia and the Eurasian Economic Union (EAEU), negotiating a greater reflection of Kazakhstan’s interests in EAEU’s strategic documents, eliminating barriers for Kazakh goods in EAEU markets and strengthening the country’s representation in the Eurasian Economic Commission’s working bodies.

AsiaCredit Bank, Capital Bank Kazakhstan and Tengri Bank will merge into a single bank after obtaining the necessary regulatory approval from institutions such as the National Bank of Kazakhstan, reported the AsiaCredit Bank press service. The merger will strengthen the reorganised bank’s financial position and increase liquidity with a larger size, viable business model and improved quality of assets. The bank will maintain its flexible and client-oriented development policy and plans to support small and medium-sized businesses and state programmes aimed at improving social welfare and the business environment.

The Aktobe Region seeks to attract 620 billion tenge (US$1.61 billion) this year, said Akim (Governor) Ondasyn Urazalin at a July meeting with local and foreign investors. The region attracted 210 billion tenge (US$545.95 million) in investment in the first half of the year.

iKOMEK109, the city monitoring centre, passed the International Project Management Association’s (IPMA) certification for project management, becoming the world’s 25th organisation certified in IPMA Delta, reported the Nur-Sultan Akimat (city administration) press service. The assessment was completed by IPMA Delta assessors Sergey Bushuyev and Svetlana Murzabekova and co-assessors Maira Hussainova and Rakhmatullo Saidullayev, who noted the centre’s quick results, effective communication system and ability to transfer best practices.

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