DESTINATION KAZAKHSTAN does this work in practice ? What tools can the Almaty SEC apply to become a more independent institution , and how soon can it happen ? I mean , what would ideally have to happen for this measure to be implemented in the most painless way for the organization ? And how realistic is it to reach this goal ?
The SEC Almaty is an institution that has been existing for more than ten years . The idea to create such an institution was proposed by Elbasy himself who actively promoted it . Initially , the SEC was always dependent on the state budget . The Almaty SEC has been developing independently for many years , implementing its own and strategic projects using the state budget , such as a stabilization fund . But the SEC does not make any money off it . Moreover , we are obliged to realize all the incoming sums . That is why I have said , and will repeat , that the development of the SEC has to be viewed from a commercial and state budget independent perspective . Today it is possible for us to operate and finance our projects using financial support only from the state budget . And basically , we could go on doing so and carry out projects on this kind of concessional financing basis . But we have gone further .
Last year , we started a project to receive a credit rating . And we have successfully done so for the first time in the history of SEC in Kazakhstan . Today we are the only SEC that has the credit rating of the international rating agency Fitch ‘ BBB- ’, outlooks stable , which is considered as an investment category . This means that we are stable in our commitments and projects . We have done so to enter capital markets and issue SEC bonds allowing us to gain access to additional funds to run our investment projects . In turn , such a financial expansion will lead to improving access to finance for businesses and differ from those products offered by the banks and other financial institutions . We have already started to move in that direction .
For example , we have planned several meetings with major international investors interested in purchasing SEC bonds . The funds from these deals will be directed to implement social and commercial projects – first of all , to solve the problems with dilapidated housing , improve living conditions and develop social facilities .
Could you tell us about the projects that you are working on with Almaty ’ s SEC right now , and which ones inspire you and from which ones you wait not just for some material results , but more ideological ones as well ?
Well , the first one , of course , is getting credit ratings and issuing bonds as I ’ ve already mentioned . Today , this is our coolest project , even impacting our entire country .
The second project is the SEC itself . I would like to inform the business community about all the tools to help entrepreneurs develop their businesses . We are open to new solutions and proposals ; we consider any project and try to meet the business needs .
The third very important project is a renovation program . Today in Almaty there is the largest concentration of dilapidated housing than anywhere else in the country . For example , there are more than 1,400 of the two-storied , decaying houses of framereed , wooden and other constructions built in the beginning and middle of the last century . But we believe there are many more because even houses built within the last few decades need to be upgraded . These are issues that are primary and foremost on the agenda .
And the fourth , in my opinion , a megaambitious project is the SEC Draft Bill . And as the Maslikhat ’ s deputy , I am doing my best to promote this project everywhere . I am pleased that our President Kassym- Jomart Tokayev has heard us and brought up a question related to the future of the SEC at the last meeting of the National Council of Public Trust . We are currently working on this SEC development concept jointly with the Ministry of National Economy . We do hope that this concept will form the basis of the bill . I am sure that only the law will allow us to develop a bridge of transparent two-way communication with the business community . Development institutions such as ours should be regulated at the legislative level .
Nowadays , education of all kinds is significant all over the world . In your opinion , what resources can we use in our country to solve the question of human capital ? What disciplines do you think should be included in the education program of our youth today ?
If we discuss this issue globally , we should start from preschool and primary education . Because that is the very age when the basic concepts of personality , human values , society and behaviour are built into the minds of the youth , laying down the fundamental knowledge and concepts of society as a whole . It is at this very time that a notion should be laid into a child ’ s mind that we all , society , business , and the state , we are all in this together , united and moving in the same direction . I mean , there is no way that while someone is solving a problem , I am just expecting it to be resolved and do nothing to help .
All of us , at his / her level , solve the same problem . But there is no such concept and notion in our society yet ... Everyone is trying to ‘ pull the blanket over oneself ’, not realizing that only by uniting together we will be able to solve problems and reach our goals effectively and efficiently .
It has , therefore , to be a fully holistic and integrated approach , which needs to be universally implemented at all levels and spread within and across the whole country . Single solutions will not work and will not produce the desired and effective outcomes .
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