To create a fund investors have been attracted. Holding “Baiterek” attracted investors in “green” economy of Kazakhstan, one reported to Kapital.kz Business Portal  in press service of holding. 

They have signed a tripartite memorandum of of “Baiterek” – JSC “National Agency for Technological Development” in the list of participators of Central Asia Renewable Energy Fund LP

Initiator of the deal and one of its main developers is the National Managing Holding – “Baiterek” .

The purpose of the fund is investments in a portfolio of assets related to renewable and alternative energy for a period of 8 to 10 years. The target size of the fund is $ 50 million initially and $ 100 million in the future.

The Fund has a number of features. First, the fund will finance projects only on the territory of Kazakhstan. Secondly, more than 2 thirds of the authorized capital of the Fund will be formed at the expense of private and foreign investment, the state represented by JSC “National Agency for Technological Development”  will  invest not less than a third of the total share capital. Third, the fund will be based on the principles of Islamic finance .

It is planned that the ICD will also act as adviser of the fund, which will provide its expertise in structuring projects. Fourth, one has compiled a list of potential projects that could be financed by fund. Participation holding “Baiterek” in the establishment of a company’s contribution to the development of green energy industry of Kazakhstan and the country’s preparation for an international exhibition «EXPO- 2017 ” , the report says holding.

Participation of holding “Baiterek” in the establishment of the fund is contribution to the development of green energy industry of Kazakhstan and the country’s preparation for an international exhibition EXPO- 2017, as informed by the report of holding.

Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development finance institution and is a part of the Islamic Development Bank Group. ICD was established in November 1999 to support the economic development of member countries of ICD: financing for private sector projects, development of competition and entrepreneurship, providing consulting services to governments and encourage international investment.

Source: Kapital.kz Business Portal