ALMATY (Yonhap) -- Korea's Samsung Electronics Co. Sunday signed a memorandum of understanding with a local university here to provide financial assistance to students.

The MOU signed by Kim Seung-koo, the head of Samsung's local branch, and Bang Chan-young, president of the Kazakhstan Institute of Management, Economics and Strategic Research (KIMEP University), calls for the selection of students from the Commonwealth of Independent States every year as recipients.

Samsung will provide the students with room and board and other living expenses and the university will exempt them from tuition fees, Kim said.

The MOU is part of Samsung's program to select up to 100 students in the CIS region to study at KIMEP University.

"Investing in youth, creativity and innovative ideas means investing in our future," he said. "We appreciate KIMEP University for its active support for growing manpower and future-oriented thinking."