19 March 2011 | 21:51

Development Bank of Kazakhstan plans to borrow $2 billion

Today, at a press-conference in Almaty, State-run Development Bank of Kazakhstan (investment leg of Samruk Kazyna Sovereign Wealth Fund) reported on its progress in 2010 and outlined its major targets for 2011. “This year we plan to attract $ 2 billion, including through issuing Eurobonds and through cooperation with export-import agencies from other countries”, Mr. Gali Isskaliev, Chairman of the bank, told a press-conference, Novosti – Kazakhstan reports. He elaborated that details of bond issue worth $ 800 million would depend on market conditions. The issue is likely to be run at the end of H1 2011. According to him, another $ 600 million will be attracted through loans, about $ 100 million will be raised in the internal market. Besides, the Bank hopes to obtain a loan of $ 500 million from its shareholders (Samruk-Kazyna). In an earlier-press release, the Bank informed that its assets as of January 1, 2011 made up $ 6.5 billion. In 2010 it implemented a total of 18 projects totally worth $ 1.4 billion, with some of them included into the list of strategic investment projects of the Government. The Bank approved financing of 6 new investment projects worth $ 1.35 billion, including modernization of Atyrau refinery, 3rd stage of Moinak hydropower station and some others. In 2011 the Bank plans to put in operation 10 projects worth $ 650 million. In the same press release, the Bank informed that in the following 5 years it would be mostly focused on the State Program of Accelerated Industrial Development through financing large-scaled investment projects of importance to the state. 10% of the investments are to be attracted to finance non-extraction sectors. The loan portfolio is to be increased up to $ 7 billion by 2015. Established in 2001 the Development Bank of Kazakhstan is currently one of the main conduits of the state investment policy in Kazakhstan. By way of financing creation of competitive productions in non-primary sectors of the economy and developing the country’s infrastructure, the Bank directly contributes to the sustainable development of the national economy. Investment activity of the Bank is represented in all the regions of Kazakhstan and in all key processing sectors.

Today, at a press-conference in Almaty, State-run Development Bank of Kazakhstan (investment leg of Samruk Kazyna Sovereign Wealth Fund) reported on its progress in 2010 and outlined its major targets for 2011. “This year we plan to attract $ 2 billion, including through issuing Eurobonds and through cooperation with export-import agencies from other countries”, Mr. Gali Isskaliev, Chairman of the bank, told a press-conference, Novosti – Kazakhstan reports. He elaborated that details of bond issue worth $ 800 million would depend on market conditions. The issue is likely to be run at the end of H1 2011. According to him, another $ 600 million will be attracted through loans, about $ 100 million will be raised in the internal market. Besides, the Bank hopes to obtain a loan of $ 500 million from its shareholders (Samruk-Kazyna). In an earlier-press release, the Bank informed that its assets as of January 1, 2011 made up $ 6.5 billion. In 2010 it implemented a total of 18 projects totally worth $ 1.4 billion, with some of them included into the list of strategic investment projects of the Government. The Bank approved financing of 6 new investment projects worth $ 1.35 billion, including modernization of Atyrau refinery, 3rd stage of Moinak hydropower station and some others. In 2011 the Bank plans to put in operation 10 projects worth $ 650 million. In the same press release, the Bank informed that in the following 5 years it would be mostly focused on the State Program of Accelerated Industrial Development through financing large-scaled investment projects of importance to the state. 10% of the investments are to be attracted to finance non-extraction sectors. The loan portfolio is to be increased up to $ 7 billion by 2015. Established in 2001 the Development Bank of Kazakhstan is currently one of the main conduits of the state investment policy in Kazakhstan. By way of financing creation of competitive productions in non-primary sectors of the economy and developing the country’s infrastructure, the Bank directly contributes to the sustainable development of the national economy. Investment activity of the Bank is represented in all the regions of Kazakhstan and in all key processing sectors.