BRIEF

Samruk-Kazyna and World Bank Cooperation on Green Research and Islamic Financing

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On September 6, 2017, Samruk-Kazyna JSC (“the Fund”) and the World Bank signed a Memorandum of Understanding for joint socio-economic analytical work on Green Development. The signing took place during the 9th Annual Meeting of the International Forum of Sovereign Wealth Funds (IFSWF) in Astana, Kazakhstan.

"This is an important event as it marks the first Memorandum of Understanding between the Sovereign Wealth Fund Samruk Kazyna and the World Bank,” said Umirzak Shukeyev, CEO of Samruk-Kazyna JSC, at the signing ceremony. “Sustainable development and active investment are strategic directions of the Fund's activities. Research work in the field of green economy will allow us to stimulate projects on the use of renewable energy, and in the field of Islamic finance to help Kazakh companies expand the investment tools.”

The two organizations intend to collaborate in carrying out research on key green projects in Kazakhstan and the Central Asia region. In addition, both plan to jointly engage in research work on Islamic Finance to explore the opportunities and challenges of this niche market segment in Kazakhstan and the CIS region.

“The world cannot resort to “business as usual” anymore. Green development today is about working on challenges of environmental implication of social and economic development,” said Francis Ato Brown, World Bank Country Manager for Kazakhstan. “The World Bank Group will use its global experience and recommendations under the Joint Economic Research Studies in Kazakhstan, as well as ongoing projects, to help Samruk Kazyna support implementation of Kazakhstan's Green Economy Concept and Action Plan.”

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Joint Stock Company Sovereign Wealth Fund Samruk-Kazyna is owned by the Government of the Republic of Kazakhstan. The Fund was established in 2008 in accordance with the Decree of the President of the Republic of Kazakhstan and represents a commercial structure: an investment holding company whose mission is to increase the national welfare of the Republic of Kazakhstan, and to support the modernization of its economy.

Samruk-Kazyna achieves its mission through efficient management of its portfolio companies in order to increase their long-term value and ensure sustainable development, and by making catalytic investments in the priority sectors of the national economy. The value of the Fund’s assets is about US$ 67.4 billion as of 31 December 2016. Samruk-Kazyna group includes companies in the oil and gas, transport and logistics sectors and the chemical and nuclear industries, and the metals and mining, energy, machinery building and real estate sectors.  


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