The Hungarian and Kazakhstan governments have created a $40 million development fund to promote investment into agriculture and food processing companies in Kazakhstan.
The fund’s mission is to help transfer Hungarian technology knowledge to Kazakhstan’s agriculture sector and create a platform for attracting further investment, according to a statement.
The two countries are committing $20 million each into the fund through state-owned institutions KazAgro National Management Holdings, Kazakhstan’s agribusiness development initiative, and Export-Import Bank of Hungary, the state lender and insurance provider.
The two governments hope the fund will strengthen bilateral trade and cooperation between Kazakhstan and Hungary.
This agreement comes after a forum hosted by KazAgro last June for private investors interested in investing in the country’s agri sector.