Up to 500 new jobs will be created in the project on expansion and modernization of production in Pavlodar financed by Qazaqstan Investment Corporation JSC (QIC)

Qazaqstan Investment Corporation JSC through its subsidiary organization Baiterek Venture Fund JSC financed the project on expansion and modernization of production with serial output of small and medium-sized car casting in Pavlodar city.

The project is implemented by the marketing company Format Mach Company Engineering LLP (the Format Mach Company), which is the only certified manufacturer of small and medium-sized car casting (coupler, clamp, wedge and other) in the territory of the Republic of Kazakhstan.

Format Mach Company has been operating since 2005 in the field of manufacturing spare parts, parts and assemblies for:

• railroad rolling stock;
• mining and metallurgical complex;
• oil and gas industry;
• energy sector, etc;
• Project duration - 8 years.

The Project involves expansion of production as well as modernization of existing technologies using foundry automation, providing for digitalization of production processes and increasing the range of products.

The project is expected to create up to 500 new jobs. The planned amount of tax payments to the budget for the financing period will be up to 5 billion tenge.

For reference:

Qazaqstan Investment Corporation JSC is a private equity fund established in 2007. Its main mission is to develop private equity and venture financing infrastructure in Kazakhstan in order to promote sustainable economic development of Kazakhstan. It is a subsidiary organization of Baiterek NMH JSC. For additional information: https://qic.kz/ru.