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$40 million were allocated to export Kazakhstan locomotives

03 january 2012, 16:05
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Tengrinews.kz stock photo
Tengrinews.kz stock photo
6 billion tenge ($40 million) were allocated from the budget to export Kazakhstan-made diesel-electric locomotives, Tengrinews.kz reports, citing KazExportGarant press-office.

“The Government of Kazakhstan decided to allocate 6 billion tenge ($40 million) as a loan to Export and Credit KazExportGarant corporation to fund and insure Locomotive assembly plant JSC export supplies. The first two locomotives will be exported to Tajikistan with the air from the state this year. It is also planned to supply the locomotives to other countries. At present we are negotiating with Mongolia that is interested in purchasing of Kazakhstan-made locomotives,” the press-release reads.

KazExportGarant is carrying out the Trade Funding Program in the framework of the 2010-2014 State Program of Accelerated Industrial and Innovative Development of Kazakhstan. More than 70 projects have been supported under this program in the amount of 2.5 billion tenge ($16 million). Among those projects are export contracts on Kazakhstan-produced flour, construction materials, chemical industry products, rolled metal products supplies. Kazakhstan-made non-energy products export geography keeps widening. At present local products are supplied to Tajikistan, Belarus, Georgia, Uzbekistan and Afghanistan.

KazExportGarant is a state institute of development that exercise functions of Export and Credit Agency of the Republic of Kazakhstan. Moody’s Investors Service international agency assigned BAA2 is a credit rating with stable forecast to the corporation.

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