About the Development Bank of Kazakhstan

Decree of the President of the Republic of Kazakhstan dated December 28, 2000 No. 531.

In order to further improve and increase the efficiency of state investment activities, develop production infrastructure and manufacturing industries, and assist in attracting foreign and domestic investment in the real sector of the economy, I hereby decree:

     1. The Government of the Republic of Kazakhstan shall establish a closed joint-stock company "Development Bank of Kazakhstan" (hereinafter - the Bank) by July 1, 2001.

     2. Identify the main objectives of the Bank's activities:

     1) crediting and/or guaranteeing on a medium- and long-term basis the expansion and modernization of existing enterprises, as well as the creation of new industries;

     2) performing the functions of a financial agent for investment projects implemented at the expense of the national and local budgets on a reimbursable or gratuitous basis.

     3. To the Government of the Republic of Kazakhstan in accordance with the procedure established by law:,

     1) within one month, develop and submit to the President of the Republic of Kazakhstan a draft concept of the Bank's activities;

     2) to draft the necessary legislative acts related to the establishment of the Bank within two months.;

     3) take other measures resulting from this Decree.

     4. The akims of the regions, Astana and Almaty cities, when developing and clarifying local budgets for 2001, should provide for budget programs that ensure participation in the authorized capital of the Bank being created.

     5. This Decree comes into force from the date of signing.

     President

     Republic of Kazakhstan

     (Experts: Umbetova A.M.,

     Tsai L.G.)

President    

Republic of Kazakhstan     

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