Article 12-1. The legal regime of the account intended for crediting the compensation of investment costs The Law on Public-Private Partnership

Home / RLA / Article 12-1. The legal regime of the account intended for crediting the compensation of investment costs The Law on Public-Private Partnership

1. An account intended for crediting compensation for investment costs is opened if a private partner attracts debt financing secured by the right to claim cash receipts in the form of compensation for investment costs.

2. The account intended for crediting compensation for investment costs is used in the interests of protecting the creditor's right to finance public-private partnership projects secured by the right to claim cash receipts in the form of compensation for investment costs. The use of an account intended for crediting compensation for investment costs is not allowed for other purposes.

The use of the account intended for crediting compensation for investment costs is carried out in accordance with the legislation of the Republic of Kazakhstan in the field of public-private partnership.

After repayment of obligations to the creditor, the account intended for crediting compensation for investment costs is subject to closure.

3. Recovery from an account intended for crediting compensation for investment costs can be applied only within the framework of fulfilling the obligations of a private partner to a creditor secured by the right of claim under a public-private partnership agreement.

The private partner has the right, in agreement with the creditor, to transfer part of the funds from the account intended for crediting compensation for investment costs to its current account specified in the public-private partnership agreement.

The Law of the Republic of Kazakhstan dated October 31, 2015 No. 379-V SAM.

This Law defines the legal conditions of a public-private partnership, its methods of implementation and regulates public relations arising in the process of preparing and implementing a public-private partnership project, concluding, executing and terminating a public-private partnership agreement.

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