Article 15. Industrial Development Fund of the Industrial Policy Act

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1. The Industrial Development Fund (hereinafter referred to as the fund) is a joint–stock company, the controlling stake of which belongs to the state or a national management holding company.

2. The objectives of the fund's activities are to provide financial support and stimulation to manufacturing enterprises, assistance in attracting foreign and domestic investments into the economy of the Republic of Kazakhstan.

3. The objectives of the Foundation are:

1) financing of projects aimed at:

creation, modernization and expansion of domestic manufacturing enterprises and production infrastructure;

assistance in the promotion of goods, works and services of Kazakhstani origin in the manufacturing industry;

improving the environment, reducing emissions and discharges of pollutants, reducing greenhouse gas emissions, energy conservation and improving the efficiency of natural and secondary resources, as well as the development of "green" technologies in the manufacturing industry;

promoting the development of in-country value;

creation, modernization of production, energy and transport infrastructure and renovation of vehicles;

2) stimulating the economy of the Republic of Kazakhstan by issuing loans to legal entities, organizations engaged in leasing activities, as well as organizations engaged in certain types of banking operations;

3) other tasks in accordance with the legislation of the Republic of Kazakhstan, documents of the State Planning System in the Republic of Kazakhstan and the charter of the foundation.

4. In order to fulfill its tasks, the foundation carries out, without an appropriate license:

leasing activities;

provision of loans in cash in national currency on the terms of payment, urgency and repayment to legal entities -residents or non-residents;

other activities that do not contradict the legislation of the Republic of Kazakhstan.

5. The fund is funded by:

budget funds;

funds received by the operator of the extended obligations of producers (importers) in the form of fees for the organization of collection, transportation, preparation for reuse, processing, neutralization and (or) disposal of waste in accordance with the environmental legislation of the Republic of Kazakhstan;

commercial, own and other funds.

6. The operator of extended obligations of producers (importers) provides financing in the form of a loan to the fund for further financing of projects in the manufacturing industry aimed at improving the environment, in accordance with the procedure and on the terms determined by the Government of the Republic of Kazakhstan.

Financing provided by the operator of extended obligations of producers (importers) in accordance with part one of this paragraph does not relate to banking and microfinance activities and does not require permits in accordance with the legislation of the Republic of Kazakhstan.

7. The Foundation has the right to:

1) determine the financing policy from own and borrowed extra-budgetary funds in accordance with the legislation of the Republic of Kazakhstan, documents of the State Planning System in the Republic of Kazakhstan and (or) internal acts of the fund;

2) to involve experts and consultants to carry out the expertise of projects in the manufacturing industry;

3) to place available funds, with the exception of funds received from the state budget, on the domestic and foreign markets of financial instruments in accordance with the internal acts of the fund.

This Law establishes the fundamental principles of industrial policy and regulates public relations that arise during the formation and implementation of industrial policy.

President

Republic of Kazakhstan

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