Baku, Azerbaijan, Sept. 8
By Elena Kosolapova - Trend:
Development Bank of Kazakhstan JSC has financed 47 projects as of Sept.3 as part of the state program for supporting the development of the manufacturing industry, said the message from the bank.
The total cost of these projects exceeded 44.8 billion Kazakh tenge (243.1 tenge = $1).
The projects were financed with the first and second tranche funds (totaling 100 billion tenge) of the National Fund of Kazakhstan. These funds were allocated through the bank.
The commercial banks, with which the bank previously signed corresponding loan agreements, have approved 25 projects with the total cost of 33.444 billion tenge in manufacturing industry and started financing 21 projects totaling 20.589 billion tenge on the first tranche of funds of the National Fund of Kazakhstan (50 billon tenge).
This is while the second-tier banks have approved 41 projects totaling 39.776 billion tenge and have started financing 26 projects with the total cost of 24.252 billion tenge on the second trance of funds of the National Fund (50 billion tenge).
The matter rests in lending to subjects of large business - financing limit per borrower is from 200 million tenge to 5 billion tenge.
In particular, such projects as the construction of a granulation workshop and purchase of equipment for the production of powdered polypropylene in the Pavlodar district, the reconstruction of a workshop for production of extraction phosphoric acid in the Jambyl district, the construction and purchase of equipment for the production of bed linen and terry products in the South Kazakhstan region, the expansion of production of soft drinks in the Almaty region have been funded.
In addition, such projects as the modernization of salt production plant in the Kyzylorda region, the expansion of production of glass products in South Kazakhstan region, the construction of a plant for the production of cast iron in the Almaty region, construction of the refinement workshop for the production of oil in the South Kazakhstan region, the acquisition of steel furnace for cast iron and steel production in the city of Almaty have also been funded.
Among the other funded projects one can mention the purchase of equipment for the processing of gold ore in the Akmola region, the purchase of equipment for the production of building materials in Almaty and Aktobe regions, the purchase of equipment for the production of pesticides and other agrochemical industry in the Akmola region, the acquisition of equipment for the production of polypropylene bags in the Almaty region.
The terms of lending to end borrowers, approved by resolution of the government of Kazakhstan, are the following: the nominal fee rate should be no more than 6 percent per annum; the loan period - up to 10 years on new projects and refinancing of investment loans, up to 5 years for replenishment of working capital and refinancing of loans previously designed for the same purposes; the loan currency is tenge; the grace period for payment of principal debt is 24 months; the period of spending the credit resources is 18 months.
In accordance with the approved terms and conditions, no more than 50 percent of credit resources of the second tranche should be directed to finance new projects, no more than 25 percent - to refinance earlier loans, no more than 25 percent - for the replenishment of working capital. Only new projects are financed within the framework of the first tranche.
Edited by CN
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