UPDATE 1-Kazakh sovereign fund to borrow up to $1 bln in 2010

Thu Feb 18, 2010 5:36am GMT

* Money to be borrowed from abroad

* Will use funds to build and upgrade industrial facilities

(Adds details, background)

ASTANA, Feb 18 (Reuters) - Kazakh sovereign welfare fund Samruk-Kazyna plans to borrow up to $1 billion from abroad this year to finance large industrial projects, Chief Executive Kairat Kelimbetov said on Thursday.

"We will watch the markets and we plan to raise up to $1 billion," Kelimbetov told reporters.

He said the money would be spent on projects such as constructing a chemicals plant in western Kazakhstan and upgrading the Central Asian nation's oil refineries and power plants.

Samruk-Kazyna controls Kazakhstan's largest state-run companies, including energy firm KazMunaiGas [KMG.UL] and the Development Bank of Kazakhstan. (Reporting by Raushan Nurshayeva; Writing by Olzhas Auyezov)

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