Financial support for innovation projects by development institutions

Abstract

In the article the problems of weak interaction between the subjects of the financial and innovation sector in the Republic of Kazakhstan are examined, the results of which should have a beneficial effect on the state of the national economy and contribute to the ongoing and sustainable economic growth of the country in the framework of the state's strategic course of socio-economic development. At the same time, the implementation of strategic goals and objectives in the field of industrial and innovative development in domestic practice falls on the shoulders of domestic and international development institutions, analysis of which also indicates weak financing of investment projects of an innovative nature against the background of enhanced financing of infrastructure projects and projects in the oil and gas industry and energy sectors, which is not conducive to the development of innovation in the real sector of Kazakhstani economy and does not create a stable and reliable basis for sustained economic growth of Kazakhstan in the context of frequent cyclical fluctuations and significant influence of external factors generated by the increasing trends of globalization. This study conducted a comprehensive analysis of the investment activities of development institutions in Kazakhstan. The trends in the financing of domestic and foreign development institutions, restraining the development of innovation in Kazakhstan have been revealed. The necessity of shifting the priorities of financial support of domestic and international development institutions towards financing investment projects of an innovative nature has been substantiated.