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AIFC: the Centre’s budget for 2020 has not changed and amounts to 13.1 billion tenge

28 May 2020 17:26

NUR-SULTAN. KAZINFORM The budget of the Astana International Financial Centre for 2020 remains unchanged. Earlier, the AIFC budget amounted to 20 billion tenge, but since 2020 it has been decreasing: first 13.1 billion, for 2021 - 12.5 billion, for 2022 - 10.5 billion.

The transfer in the amount of KZT 48.1 billion from the republican budget to the AIFC Authority is intended for the capitalization of the Direct Investment Fund, which is registered in the jurisdiction of the AIFC and is managed by the Government, in the amount of KZT 35 billion, Kazinform reports.

The AIFC budget of 13.1 billion is allocated for the maintenance of the authorities and administration of the financial center: the court and the arbitration center, the AFSA regulator and the AIX exchange. A capitalization of 35 billion tenge is required to fulfill obligations to finance projects with the participation of foreign investors.

At present, the total volume of foreign direct investment in private equity projects is about 155 million US dollars. All of them are implemented on the principles of co-investment. At the same time, most of the funding is carried by foreign partners.

«Even in difficult times for the global economy, the flow of foreign investment to Kazakhstan continues. KDIF actively contributes to this by attracting foreign business funds into projects, importantly, of the non-oil sector in the country's regions. The ongoing projects will create more than 4.7 thousand permanent jobs for Kazakhstani specialists,» says Asset Abdygapparov, Chairman of the Management Board of the Fund.

All projects are concentrated in the non-primary sector - this is the agricultural sector, tourism and the development of regional infrastructure. The regions of their implementation are Akmola, Almaty, Mangistau and Turkestan regions.

In addition to 4,760 permanent jobs, 2,360 seasonal jobs will be created - on the adjacent peasant farms involved in the work. The total planned annual wage for permanent jobs will be about 7.7 billion tenge. After enterprises reach their full capacity by 2025, tax revenues to the budget of 6.1 billion tenge per year are planned.

Recall that the Kazakhstan Investment Development Fund Ltd. was created by decree of the First President of the Republic of Kazakhstan Nursultan Nazarbayev on January 30, 2019 as an additional tool to attract investment in the country's economy. The starting capitalization of the Fund amounted to about 1 billion US dollars.

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