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Kazyna Capital Management, Ithmaar Bank B.S.C. set up investment fund for CIS power projects
Astana, May 19, 2008
Interfax-Kazakhstan - Kazakhstan’s Kazyna Capital Management (a part of Kazyna Sustainable Development Fund) and Ithmaar Bank B.S.C. set up a joint fund to invest in power projects in the CIS countries.
Kazyna CEO Arman Dunaev and CEO of Ithmaar Bank B.S.C. Michael P. Lee signed a related memorandum of cooperation within the World Economic Forum on Middle East, Kazyna press service said on Monday. The event is underway in Egypt’s Sharm el-Sheikh on May 18-20.
Fund’s capitalization is projected at $750 ml. Its original investors will be Ithmaar Bank B.S.C. and Kazyna Capital Management.
The fund will invest in companies that carry out power projects in Kazakhstan and other CIS countries (at least 50% of the total capitalization of the fund).
A joint team of managers from Kazyna Capital Management and Ithmaar Bank B.S.C. will lead the fund.
Ithmaar Bank B.S.C. is a leading investment bank in the Middle East.