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100% state-owned Distressed Asset Fund officially formed in Kazakhstan
Almaty, November 13 2008
JSC Distressed Asset fund (DAF) with 100% ownership of the state in the registered capital has been officially founded in Kazakhstan, Ministry of Finance announced.
The official registration procedures are underway in the Justice Ministry
Kazakhstan's budget will provide 52 billion tenge as capital for the Distressed Assets Fund by the end of the year and allocate 1 bn dollars in 2009.
In September Finance Minister Bolat Zhamishev said that the capital of the future Distressed Assets Fund would be raised from the budget ($1 billion) and private investments ($5 billion).