IBRD to allocate Kazakhstan $88 million for development of innovations

An agreement on loans for implementation of a project on stimulation of effective innovations was signed between Kazakhstan and the International Bank for Reconstruction and Development, the press service of the Ministry of Finance of Kazakhstan said.

The Ministry of Finance of Kazakhstan will be responsible for repaying the loan at the expense of the national budget for the next fiscal year in accordance with the conditions of the agreement.

The project financed by the IBRD provides for promotion of effective innovations, increase of productivity and competitiveness of the economy by means of stimulation of scientific relations and development of the technologies incubation. The project is planned to be completed in 2020, TASS reports.