Zhumangarin Unveils High-Tech Investment Plan

Kazakhstan’s Minister of National Economy, Serik Zhumangarin, announced a large-scale investment program worth more than five trillion tenge, along with investments of up to one billion dollars in high-tech sectors, Orda.kz reports.

The funding will come from commercial banks, with additional resources possibly drawn from the National Fund.

The work on analysis, structuring and attracting investors will be carried out by the Baiterek holding. Together with the National Bank, a program of investment in high-tech sectors of the economy with a budget of up to one billion dollars will be developed, attracting funds from the National Fund and second-tier banks, Zhumangarin said at a government meeting.

A draft law “On banks” will be developed, which will create conditions for the promotion of fintech and the liberalization of the circulation of digital assets, and will also stimulate the attraction of free liquidity of banks to the real sector of the economy,  the minister concluded.

Original Author: Zhadra Zhulmukhametova