business and economy
Farah Growth Fund officially established
(SRI) - Kazakhstan has established a closed-end investment fund that will focus on investments in companies active in sectors such as energy, oil and gas, finances and insurance, field development, commercial real estate, and others in Kazakhstan and other CIS states.
Kazyna Capital Management (KCM), the private equity arm of Kazyna Development Fund, announced the signing of founding documents in Almaty on Wednesday. The Falah Growth Fund brings together KCM with Aztech Investments Ltd (a subsidiary of UAE-based International Petroleum Investment Company - IPIC), Kazakhstan-based Ordabasy Corporation.
The fund’s capitalization will initially be USD 600 million, according to KCM. “The major shareholders invested USD 500 million within the first capitalization, and the remaining USD 100 million will be invested during the current year,” a representative of KCM told Interfax.
An agreement to set up the fund has been reached in November 2007 during President Nursultan Nazarbayev’s official visit to the UAE.
To comply with the mandate of KCM to foster the diversification of Kazakhstan’s economy, at least 40 percent of the fund’s total capitalization will be channeled to non-primary sectors.
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