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Kazyna and Samruk merging into single national welfare fund
Astana, October 13, 2008
Samruk State Fund of Sustainable Development and Kazyna State Holding announced a merger into a single National Welfare Fund Samruk-Kazyna, Kazakhstan president Nursultan Nazarbaev said.
"In order to consolidate all states assets I signed a decree to merge Kazyna and Samruk into a single fund," he said at the governmental meeting on Monday in Astana.
Prime Minister Karim Masimov will be the chair of the board of directors of the newly established fund. Kairat Kelimbetov, prior head of the president's administration, has been named the chair of the management board.
The president pledged to provide 5 bl dollars for the capitalization of Samruk-Kazyna from10 bl dollar stabilization allocations of the National Fund.
In a month state blocks of shares in Kazatomprom, Kazakhmys, ENRC, Kazakhstan Mortgage Company, Kazakhstan Mortgage Loan Guarantee Fund and Zhilstroybank will also be given to the new amalgamated organization.