MEETING OF THE COUNCIL ‘SAMRUK-KAZYNA’ NATIONAL WELFARE FUND MANAGEMENT CHAIRED BY ELBASY

The meeting was attended by Prime Minister A. Mamin, Head of Executive Office of the President B. Sagintayev, Chairman of Samruk-Kazyna JSC Board A. Essimov, Independent Director of Samruk-Kazyna JSC R. Evans, Assistant to the First President D. Akishev, members of the Board and heads of national companies of the Fund.

The meeting heard a report on the implementation of the development strategy of Samruk-Kazyna JSC for 2018-2028, and also considered the progress of implementation of orders for further transformation of the Fund.

- The Fund plays an important role in the country's economy. We created it by studying the best international practices. And today, the Samruk-Kazyna Fund makes a significant contribution to the development of the country," said Elbasy.

During the meeting, the Chairman of the Board of Samruk-Kazyna reported on the results of optimization of the structure of corporate centers and reduction of management levels of the Fund. Nursultan Nazarbayev was presented with information on the progress of privatization of the Fund's companies and implementation of industrial and innovative development programs and "Nurly Zhol". According to A. According to A. Esimov, the Fund is currently implementing 54 projects worth 8 trillion tenge and creating 68 thousand new jobs.

- In order to diversify the Fund's portfolio, we are considering strategic partnerships with sovereign wealth funds and international investors. At the moment, 28 bilateral agreements worth $ 13.3 billion have been signed” said the Chairman of Samruk-Kazyna JSC Board.

Reports were also made by R. Evans, A. Mamin and heads of national companies. Having heard the speakers, the First President of Kazakhstan stressed that the activities of the NWF will be under his personal control.

- The main task of the Fund is to increase assets, increase income and development of national companies. The assets of the Fund are of strategic importance for the country's economy. I would like to note the positive results of the work of the new management. In a short period of time, it has been possible to significantly reduce the debt burden, increase the profitability of companies, and ensure the efficiency of financial instruments management," Nursultan Nazarbayev said.

Elbasy also praised the results of the Fund's work in the field of procurement and business support.

- The Fund has significantly reduced single-source procurement and increased the volume of tenders. They have become more transparent, and today the costs have been reduced by 5 times. Unfortunately, this is not the case with government procurement. The example of the Fund shows that with the correct setting of the task, even the norms of the current law can save billions of tenge” said the First President of Kazakhstan.

Nursultan Nazarbayev supported the measures taken by the Fund in the field of human resources management.

“People are the main asset of companies and enterprises. It is important that recruitment procedures are transparent. All appointments should be transparent," Elbasy concluded.

Following the results of the meeting, decisions were made to further improve the financial position of the Fund, to support domestic producers, and to withdraw shares of Kazakhtelecom and Air Astana to IPO.

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