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Our Investments

Falah Growth Fund

Falah Growth Fund is a 50:50 joint venture between IPIC and the Government of Kazakhstan. The Fund has US$500 million in committed capital and will operate for 10 years to January 2022, with three optional single-year extensions. Its geographic focus is on investments in Kazakhstan, Russia and the CIS states in the energy, power, food production, infrastructure, natural resources and real estate sectors. The average investment will be in the US$10-50 million range.

The Fund has made two investments to date. Karaganda Energocenter (KEC) is a heat and electricity producer in the city of Karaganda and the Karaganda region in Kazakhstan. The proceeds of Falah Growth Fund’s equity investment are directed at financing the modernization of the fixed assets of KEC and the expansion of the power generation capacities. Its other investment so far is in Alsad Kazakhstan, a poultry farm situated in the Karasai district of the Almaty region with an annual production capacity of 210 million eggs.