Government • 22 January, 2018

Kazakhstan creates the Foundation for the Digitalization of Industry

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Within the framework of the official visit of Kazakh President to the USA, the Autonomous Cluster Fund Park of innovative technologies (Tech Garden) signed several important documents with American companies on the digitization of Kazakhstan's economy.

According to the Memorandum between ACF PIT and the Global Venture Alliance (GVA), Kazakhstan will establish Foundation for the Digitalization of Industry in the country. GVA is a global venture alliance that brings together accelerating and educational programs, venture funds and research institutes.

The Fund will aim at attracting investment in breakthrough global technologies for the development of basic industries and creating new industries in Kazakhstan. Also, attracting foreign investment through the withdrawal of portfolio companies at the Astana International Financial Center is one of the purposes of the project. The initial volume of funds of the Kazakh-American fund will be $100 million with a further increase to $500 million. The participation of the Kazakhstan budget funds in the Fund does not exceed 20 percent.

 

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