(MENAFN- AzerNews) By Kamila Aliyeva
The development strategy of Investment Fund of Kazakhstan JSC for 2014-2023 is updated taking into account macroeconomic changes in the country and new economic trends.
Under the new strategy, the Investment Fund of Kazakhstan will continue its work forensuring the return of previously made public investments, Kazinform reported.
While forming strategic directions of development, the Fund proceeded from the current economic situation, external and internal analysis of the company's activities and development forecasts for subsequent years.
The Fund's activity is guided by the tasks set by the President and the Government of Kazakhstan, by the main directions of the policy in the field of industrial and innovative development as well as by state programs in the framework of industrial and innovative development and other policy documents.
Effective restructuring of distressed assets is currently one of the most urgent tasks of the Fund. Thus, according to the new strategy, the Fund at the current stage of development will focus on two areas of activity that is working with stress assets and returning state investments on problem projects.
Investment Fund of Kazakhstan is a national development institution and a managing company in the field of restructuring and managing stress assets. The Fund is a subsidiary of National Holding Company Baiterek JSC. Mission of the Fund by 2023 is to promote industrial potential of the country by recovering troubled projects. The Fund is currently involved in 17 projects.
The economic growth in Kazakhstan is expected to accelerate to 2.2 percent in 2017 and to 4.7 percent for the nine months of 2018.
Economic growth in this period will be provided due to the growth in domestic consumption amid rising real wages, the growth of investment in fixed assets in the framework of the implementation of government programs to support and diversify the economy, and the growth of production of mineral resources (the Kashagan effect).
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