Kazakhstan to transform Civic-Oriented Entrepreneurial Corporations into regional development institutionsKazakhstan plans to reform Civic-Oriented -Entrepreneurial Corporations (CEC) by transforming them into regional development institutions, the prime minister’s press service said following a government meeting.The Ministry of National Economy has identified seven core functions for the CECs, according to the statement.Under the reform, CECs will develop five-year portfolios of regional projects with identified investors and lenders. Financing is expected to involve commercial banks and development institutions within Baiterek Holding.CECs will act as intermediaries between businesses and national development institutions, including Damu Fund, Industrial Development Fund, Development Bank of Kazakhstan, Agrarian Credit Corporation, as well as Kazakh Invest, QazIndustry and QazTrade.They will also be granted lending authority based on principles of profitability and financial sustainability. State asset management will be oriented toward generating returns, the statement said.As part of the overhaul, stabilization funds — state food reserves used to stabilize prices for essential goods — may be removed from the CECs. The move is intended to eliminate loss-making functions, improve transparency, and enable CECs to obtain credit ratings and attract market-based financing.Following the meeting, Deputy Prime Minister Kanat Bozumbayev instructed officials to address issues related to special economic and industrial zones, conduct an inventory of non-core assets, and develop a regulatory framework for a unified credit and investment policy for CECs. (ICE ALMATY)

Fonte notizia: INTERFAX