The Senate of Kazakhstan has ratified a framework agreement on the organization of private sector operations between the government of the republic and the OPEC Fund for International Development.
The agreement provides for the fund to issue loans at 2.5-5% without requiring guarantees from the state to finance investment projects. Ratification of this document will allow up to $400 million to be allocated to projects in the energy, agriculture, and other sectors until 2030.
It also establishes the fund’s independence in making decisions on project financing. In addition, the OPEC Fund is granted full legal capacity in Kazakhstan, investment protection, free conversion and transfer of funds, as well as exemption of assets and income from direct taxes. Overall, ratification will help attract long-term financing to Kazakhstan’s economy, the Senate said.
The OPEC Fund for International Development was established in 1976 and is headquartered in Vienna. The founding and member countries of the fund are 12 countries: Algeria, Venezuela, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the UAE, and Ecuador.
https://report.az/ru/v-regione/fond-opec-napravit-do-400-mln-v-ekonomiku-kazahstana
