Инвестиционный Фонд Казахстана

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History of the Fund

  1. Investment Fund of Kazakhstan JSC (hereinafter – IFK) was established by the Decree of the Government of the Republic of Kazakhstan on May 30, 2003 No. 501.
  2. In accordance with the Decree of the President of the Republic of Kazakhstan dated May 22, 2013 No. 571, a 100% stake in IFC was transferred to Baiterek National Managing Holding JSC.
  3. Based on the Resolution of the Government of the Republic of Kazakhstan dated July 22, 2013 No. 733 “On the definition of a legal entity to which the bank, which is a national development institute, a controlling stake owned by the national managing holding, assigns debts for a borrowing (loan), and whose income from the loan sale received in connection with the repurchase from the bank which is a national development institute, the controlling stake of which belongs to the national managing holding, receivables are subject to exclusion from the total annual income”, agreements have been concluded between the Fund and Development Bank of Kazakhstan JSC (hereinafter – DBK JSC) on loan sale on problematic projects of DBK JSC.
  4. In pursuance of the Comprehensive Privatization Plan for 2021-2025, approved by Resolution of the Government of the Republic of Kazakhstan No. 908 dated December 29, 2020, Baiterek NMH JSC carried out measures to transfer IFK to a competitive environment. In this regard, since 17.08.2021, D-Personnel LLP has been the Sole shareholder of IFK.
  5. On 02.11.2023, in accordance with the Resolution of the Government of the Republic of Kazakhstan dated 11.10.2023 No. 896, a 100% stake in IFK was transferred to the State Property and Privatization Committee of the Ministry of Finance of the Republic of Kazakhstan (hereinafter — SP&PC), for further transfer to Baiterek National Managing Holding JSC. In this regard, the sole shareholder of IFK today is the State Property and Privatization Committee.
  6. On 11.07.2024, the Minister of Finance of the Republic of Kazakhstan Takiyev M.T. approved a Roadmap for the transformation of the activities of Troubled Loans Fund JSC, according to which the IFK should be merged into Troubled Loans Fund JSC by 06.09.2024.
  7. Resolution No. 187 of the Government of the Republic of Kazakhstan dated March 29, 2025 amended Resolution No. 896, according to which the State Property and Privatization Committee was instructed to transfer the state package (100%) of the Fund’s shares to pay for the outstanding shares of the Troubled Loans Fund JSC.
  8. On 11.04.2025, the State Property and Privatization Committee and Troubled Loans Fund JSC concluded a trust management agreement for 100% of the state’s shares in the Fund, according to which the SP&PC transferred 100% of the state’s shares in the Fund to the trust management of Troubled Loans Fund JSC before transferring them to pay for the outstanding shares of Troubled Loans Fund JSC.