ASTANA – Kazakhstan has begun implementing eight investment projects worth 30 billion tenge (US$61.5 million), as part of its asset recovery efforts.
Photo credit: IFW Global
According to the Asset Recovery Committee of the Kazakh Prosecutor General’s Office, the construction of two trade and logistics centers worth more than 7 billion tenge (US$14.4 million) has commenced.
These projects are expected to reduce the deficit of warehouse space in the country, which will positively impact the reduction of final goods costs for the population.
The implementation of these investment projects is also anticipated to boost tax revenues to the budget and create new jobs.
During a meeting with the country’s business leaders last year, Kazakh President Kassym-Jomart Tokayev said that investment would be considered a serious indicator of the legal origin of assets.
Kazakhstan’s special state fund for the accumulation of illegally withdrawn assets received 177 billion tenge (US$363 million) as of Oct. 14.This includes nearly 147 billion tenge (US$301.5 million) from registry agreements, 19 billion tenge (US$39 million) through procedural agreements, over 6 billion tenge (US$12.3 million) from asset sales, nearly 5 billion tenge (US$10.3 million) through court decisions, and more than 165 million tenge (US$338,469) from real estate leases.
Among the assets sold were two villas, an administrative building, a residential building, an apartment, a land plot and two luxury cars.
