IBRD to allocate USD 88 mln for development of innovations and commercialization of technologies in Kazakhstan

As the press service of the Ministry of Finance of Kazakhstan informs, the purpose of the project is to stimulate holding of high-quality, relevant for the country research and commercialization of technologies.

The project financed by the IBRD provides for promotion of effective innovations, increase of productivity and competitiveness of the economy by means of stimulation of scientific relations and development of the technologies incubation.

The project is planned to be completed in 2020.

The loan totals USD 88 mln and is extended to Kazakhstan for 15 years of repaying period. The non-recurrent commission fee is 0.25%. And the commission free for obligation is 0.25% a year.

The Ministry of Finance of Kazakhstan will be responsible for repaying the loan at the expense of the national budget for the next fiscal year in accordance with the conditions of the agreement.