Gov't sets up foundation to support ethnic Kazakhs

ASTANA. KAZINFORM "Otandastar Foundation" non-profit government company has been established in Kazakhstan, Kazinform refers to "Adilet" information system of normative legal acts of the Republic of Kazakhstan.

On October 13 this year, Kazakh Prime Minister Bakytzhan Sagintayev signed Government Order No. 644 "On the Establishment of Otandastar Foundation Non-Profit Joint Stock Company". According to the document, the company's activity mainly aims to support the foreign ethnic Kazakhs and the ones who came back to the Republic of Kazakhstan.

It is reported that the Otandastar Foundation is wholly owned by the Government of Kazakhstan. As to the right of possession, 50% of the government's stake will be assigned to the Kazakh Ministry of Culture and Sports, while the other 50% will be maintained by the Ministry of Foreign Affairs. The Ministry of Culture and Sports of the Republic of Kazakhstan was charged with making up the ownership capital of the company equal to KZT150 million by using the national budget as required by law.

This order entered into force on the day of its signing.