Kazakh-Hungarian Investment Fund starts working in Kazakhstan’s agriculture

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ASTANA (TCA) — A joint communique was signed on March 31 in Astana at the meeting of the Consultative Council of the Kazakh-Hungarian Investment Fund of direct investments, the official website of the Prime Minister of Kazakhstan reported.

The meeting was attended by the minister of agriculture of Kazakhstan. The document was signed by the chairman of Kazakhstan’s KazAgro agricultural holding and the deputy director general of Hungary’s Eximbank.

The Fund was established by the National Managing Holding KazAgro and Eximbank of Hungary to finance agricultural projects in Kazakhstan.

“The initial capitalization of the Kazakh-Hungarian Fund totals $40 million ($20 million from each side). At the same time, the Fund plans to attract an additional $100 million from local and foreign investors for immediate implementation of projects,” the Ministry of Agriculture said.

In particular, the Fund will invest in the capital of Kazakhstan’s companies operating in the field of processing, storage and logistics in the agricultural sector and food industry.

“The Fund was recently established and today we can see how it really works,” Agriculture Minister Assylzhan Mamytbekov said.

In his words, the agricultural sector in Kazakhstan is becoming an attractive investment sector, and the establishment of the Fund is a very relevant and important step.

“I believe that the Fund will be successful and profitable and will allow large investments to come in the agricultural sector of Kazakhstan,” the minister added.

Sergey Kwan

TCA