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Sovereign Wealth Funds Briefing - Categorized | Financials, Market

$2.7 billion out of National Oil Fund to finance infrastructure projects

Posted on 12 November 2014

$2.7 billion out of the Kazakhstan’s National Oil Fund accumulating windfall oil revenues is going to be earmarked to finance infrastructure projects. “The time has come for us to rely on the funds to the benefit of the country’s people, protecting the nation from the imminent crisis”, President Nazarbayev said in his Address to the Nation voiced at the sitting of the Nur Otan Party Political Council.
“The money will help us overcome the tough period and stimulate further economic growth. These resources are for short-term measures only; they will be channeled to develop transport, industrial and social infrastructure, as well as to support small and middle-sized businesses”, he said………………………………………..Full Article: Source


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