Mechanisms of attracting foreign investments were discussed at the capital's forum
There is a need to finance private projects worth more than 500 billion tenge
The forum was held on the initiative of the new Association COCAD (Consortium of Central Asia Development), which intends to assist in attracting foreign and domestic investment in the economy of the country. Among its participants there were representatives of LLP "City Investments Development Center" "Kazakh Invest", MCFA "Astana", JSC "NC" Food Corporation "and representatives of European financial institutions.
Speaking at the event, Gani Tasmaganbetov, the director of the Chamber of Entrepreneurs of Astana, said that a map of regional business development was developed to systematize the search for financing by Atameken, which includes 250 projects for a total of 506 billion KZT.
"There is a need for financing private projects worth more than 500 billion tenge. These are greenhouses, vegetable stores, fattening grounds, production of building materials, tourism objects, etc. At the same time, regional budgets are experiencing a shortage of budgetary funds, since the need for the development of regional infrastructure is very large, and budgets are limited. Therefore, the akimats propose projects under the Public-Private Partnership scheme. A private company builds a state facility at its own expense or at the expense of borrowed funds, and the state pays for several years, in installments, so to speak", - Gani Tasmaganbetov said.
According to him, according to MNE RK, 292 projects for a total of 818 billion tenge are located in different stages of preparation in the regions. That is, the need for financing of regional state projects is more than 800 billion tenge. These are kindergartens, health facilities, roads, power supply facilities and more.
"At present, the total need for additional financing of private and public projects is more than 1.3 trillion tenge. The problem is that in order to receive financing, it is often necessary to have collateral almost 2 times as much as the required amount of financing, as well as permanent income that exceeds monthly payments on loans. In this regard, there is a need for financing "under contract", for example, PPP projects guarantee payment by the state. Therefore, PPP projects can be financed under this scheme. European financial institutions promise to consider projects and offer various types of financing for projects. We welcome this kind of cooperation and are ready to support the COCAD Association for the selection of investment projects", - Gani Tasmaganbetov said.
The president of the COCAD Association Serik Sadykov noted that Kazakhstan and Central Asia are some of the promising markets. The countries of Central Asia have great potential in the agro-industrial and transport-logical sectors.
"In the experience of a number of Kazakhstani companies that have come a long way in finding investments, we created this association in April of this year. COCAD is a non-profit organization, we do not focus on raising profits. Our association suggests taking advantage of the opportunity to receive financing from European financial institutions, and we are ready to provide you with several options for your choice", - Serik Sadykov said.
He noted that the Association will consider projects from Kazakh companies in different sectors of the economy. Within 10 days the experts of the Association will give legal and financial assessment to the proposed ideas. After that they will go to the European financial institutions for consideration. If approved, the Kazakh company will need to become a member of the Association, and pay a membership fee.
Present entrepreneurs were interested in the possibility of attracting investments for start-up projects. To which the representatives of the Association replied that such projects could also be considered by European financial institutions.
The forum participants noted the relevance of the proposed tool, but time will show how successful it will be, they say.
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