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overpasses being built. An underground transportation system is also under construction. The financial institutions are also building a brand new financial district, where headquarters of main Kazakh banks will be located. RFCA is building a modern business center, which will provide first class office spaces for the financial center’s members and other businesses (auditing, consulting and law companies). The business center will also accommodate the Agency, the Specialized Financial Court of RFCA, and other organizations of the financial center. All these actions are considered to be important steps for making Almaty one of the most developed cities in the world. Modern ways of financing are as important as modern infrastructure. What are the modern solutions to financing infrastructure?
In Kazakhstan several types of financing are used for infrastructural projects. At present, the majority of financing is granted by the fast growing Kazakh banks. Some projects are financed by the state budget or with the government support. A vast majority of infrastructure projects (motor- and railroads, public utilities) are financed from the state and local budgets. However, like most developed economies financing infrastructure projects by issuing bonds becomes more and more popular. Usually, such bonds have long-term maturities and expose relatively low risks, since governments partially guarantee the performance of such projects. It should be emphasized that infrastructural bonds are especially well suited to investment strategies of pension funds, who seek long-term low-risks investments. A number of infrastructure bonds – specific instruments for project companies, which have a support from the government have been issued to finance infrastructure projects. For today two issuers
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placed infrastructure bonds mainly among institutional investors, such as pension funds. One of them is JSC «Doszhan temir zholy» and the other is JSC «Batys transit». These companies were attracted resources for building of railway and for building of line of electricity transmissions. List of projects which are realizing on the basis of governmental and private partnership was formed by the Government. Financing of these projects will be attracted both by means of credits, loans (including syndicated loans) and by means of issue of infrastructure bonds. How do Kazakhs view the Kazakhstan of the future? Which way is up?
Prosperity, safety and growth of welfare of Kazakh people - these are key words to describe the future of Kazakhstan. Kazakhstan has a strong economy and can be described as a politically stable country. Several nations and nationalities have been peacefully coexisting together since the country obtained its independence in 1991. The country also maintains peaceful foreign policy and has good relations with its neighbors. Kazakhstan, being the centre of Eurasia, will not only serve as a link between fast growing regions like China, Russia and Muslim world, but will become a competent participant of large scale geopolitical processes. Kazakhstan people will work in modern age of market economy, keeping at the same time traditions of their ancestors. They will have a good knowledge of Kazakh, Russian and English. They will be supporters of peaceful, prosperous, well-known and respectable country. Kazakhstan aims to become the example of a breakthrough from a third-world country to the leading position of international scale. The Kazakh Economy: where is it heading?
The main purpose is carrying out
a set of activities aimed at creation of a stable economy with safe and comfortable living conditions. Kazakhstan succeeded considerably in profoundness, extent and efficiency of social and economic reforms carried out. Given the strong economic development over the past several years, huge proven deposits of oil and gas, and a well developed financial sector, it is safe to assume that the economic growth of Kazakhstan will continue in the future. At present, the economy of the country is presented by two interlinked groups of sectors:: extractive industries, products of which are essential for the world market; their development is conditioned by transnational corporations operating in the country;; and other industries, operating for internal market, their development is connected with solvent demand of population. The main advantage of Kazakhstan is huge outstanding potential which must be used for the welfare of the country. Since it is well understood that Kazakhstan needs to move away from its dependence on oil and gas exports, the country has chosen a strategy to develop such sectors of the economy, as transportation, electricity, steel and uranium production, agriculture, food processing, tourism and IT-technologies. Having a strong banking sector the country will also continue developing its financial services industry. Significant attention will be given to the development of the securities market, which is why RFCA was established. Having such neighbors as China and Russia, which also experience strong economic growth and have substantial international trade volumes, Kazakhstan has good chances to become a regional financial hub handling huge financial flows. With a strongly growing real sector the country has already become attractive for international investors. KF