Kazakhstan expects inflow of direct foreign investments in 2009 into reserve development, the head of the National Bank Grigory Marchenko said.
“Direct foreign investments is a key issue for us. We have good indicators in this respect. Thus, we expect influx of investments into large projects such as Kashagan, Tengiz, and Karachaganak,” the bank”s CEO said.
The last year hit the record in terms of influx of foreign investments in Kazakhstan. Net influx amounted to US$ 14.5 billion, or 12% of GDP, and gross influx amounted to US$ 20 billion, Marchenko reminded.
“Russian experts in the end of 2007 calculated that current external balance for 2008 will amount to 8-10% of GDP. In reality it was +5% due to export. Regarding our plan, we expect US$ 10 billion from China to implement several investment projects. Besides, UAE will invest into Islamic Bank establishment and Abu-Dabi Plaza construction in Astana. Russian Vnesheconombank will loan US$ 3 billion. South Korea will invest US$ 3 billion into electric power plant construction,” Marchenko said.
Outflow of portfolio investments happened in 2007 because many investors expected further KZT strengthening. “As a result, all hedge-funds left in the period from August to November, 2007, and portfolio investments lost their value,” Marchenko said.
