On 2 May 2007, the Swiss Federal Council approved an agreement with the United States, Kazakhstan and the World Bank, through which funds blocked in Switzerland are to be transferred to Kazakhstan.
The funds in question originate from a corruption case involving an American businessman, and involve oil concessions in Kazakhstan. About US$84 million was blocked in Switzerland as a consequence of a request by the United States for international judicial cooperation in criminal matters.
The agreements, which included a service agreement between the US, Kazakhstan and the World Bank, were signed on behalf of the Swiss government by the Swiss Ambassador in the US, Urs Ziswiler, in Washington.
The funds will be used for the benefit of needy children in Kazakhstan. The programme will be managed by an international NGO selected by the three governments, and they will also monitor its implementation with the support of the World Bank. A supervisory Board including representatives of the US, Switzerland and non-government representatives of Kazakhstan will be set up.
The US and Swiss each have the individual right to veto a decision on transferring funds if they consider that the proposed use does not serve the agreed aim of the programme.
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