A draft resolution "On the Establishment of the Joint-Stock Company "Defense Industry Development Fund" with 100% state participation in its authorized capital has been developed and put up for public discussion" in Kazakhstan, Kazakhstan Today reports.
According to the document presented by the Ministry of Transport of Kazakhstan, the primary activity of the company is defined as providing financial support for Kazakh scientific and technical developments and the modernization of defense industry organizations. The authorized capital of the company will be formed from the funds of the republican budget in the amount of 265.7 million tenge.
The Ministry of Industry and Construction of Kazakhstan also plans to transfer the right to ownership and use of the state package of shares of the Joint-Stock Company.
In 2022, according to the Global Firepower ranking, the Kazakhstani army ranked 64th out of 142 countries. Kazakhstan allocates not less than $2.6 billion annually for the defense of the country and the maintenance of the Armed Forces.
CentralasianLIGHT.org
October 13, 2023