Sberbank Kazakhstan and Development Bank of Kazakhstan to jointly finance projects 22 мая 2013, 19:45
Kazakhstan-based subsidiary of the Russia’s Sberbank and Development Bank of Kazakhstan (DBK) have signed a memorandum on cooperation to jointly finance large-scaled investment projects, Newskaz.ru reports.
The memorandum seeks to develop commercial ties in order to finance companies willing to launch large-scaled investment projects.
The memorandum covers joint efforts to finance projects, joint project expertise and exchange of expertise.
The memorandum was signed by Nurlan Kussainov, Chairman of the DBK Board, and Alexander Kamalov, Chairman of Sberbank Kazakhstan.
Besides, Sberbank Kazakhstan has signed an agreement with IFC, with the latter providing a loan to finance S&Mbs.
In line with the agreement, Sberbank Kazakhstan will obtain a loan worth $70 million for a 5-year period.
“In the recent years Sberbank has been actively developing in the Kazakh market. Sberbank Kazakhstan’s assets grew by about 40%. We keep on investing to Kazakhstan. This speaks volumes about Kazakhstan being a magnet for investors. These two agreements are of prime importance for the Bank’s further development in Kazakhstan”, Sberbank CEO German Gref told journalists on the sidelines of the sitting of the Foreign Investors Council in Astana.