Russia’s Sberbank, Kazakhstan National Railways Operator and Kazakhstan-based Sberbank’s subsidiary sign a $3 billion agreement

Russia’s Sberbank, Kazakhstan National Railways Operator Kazakhstan Temir Zholy and Kazakhstan-based Sberbank’s subsidiary signed a trilateral agreement worth $3 billion November 30, Novosti Kazakhstan reports.The signing ceremony was held in the Government’s House in Astana. Kazakhstan’s PM Karim Massimov, Russia’s Sberbank Head German Gref and Kazakhstan-based Sberbank Head Oleg Smirnov were among those in attendance.“The memorandum of cooperation lays foundation for infrastructure projects to be implemented by Kazakhstan Temir Zholy to manufacture and maintain locomotives, electric trains and passenger and freight railway cars”, the joint press-release reads.“Sberbanks assumes the responsibility to act as the underwriter of Kazakhstan Temir Zholy debt instruments and provide other financial services if required”, the statement reads.