Kazakhstan Temir Zholy, Russia’s largest bank sign memorandum

Photo: Kazakhstan Temir Zholy, Russia’s largest bank sign memorandum / Kazakhstan

Astana, Kazakhstan, June 14

By Daniyar Mukhtarov - Trend:

Kazakhstan Temir Zholy (KTZ) national company and Russia's Sberbank have signed a memorandum on cooperation.

The memorandum was signed by the head of the KTZ national company, Askar Mamin, President and Chairman of the Board of Russia's Sberbank, German Gref and the chairman of the board of SB Sberbank JSC, Alexander Kamalov.

The signing ceremony took place during the 27th plenary meeting of the Foreign Investors Council and was attended by Kazakhstan's Prime Minister Karim Massimov.

"The document envisages organization of financing in the public-private partnership sphere. Moreover, under the document, Sberbank will render services to the KTZ company in the transactional business and trade financing and will support its projects," KTZ and Sberbank said on June 13.

These projects are aimed at developing the transport and logistics infrastructure, as well as the internal and external terminal network. The preliminary cost of these projects is estimated at $3.6 billion.

"As part of implementation of the industrialization program, Kazakhstan faces important tasks of diversification of economy that requires a significant amount of investments.

Under these circumstances, Sberbank is ready to offer financing the large industrial and infrastructure projects in partnership with state companies, private sector and development institutions," German Gref said.

"Sberbank regards the KTZ national company as a strategic partner. By signing the memorandum, we express readiness to organize qualitative high-tech banking services and financial support to the KTZ projects," Alexander Kamalov stressed.

Russia's Sberbank is one of the leading global financial institutions, which accounts for nearly a third of the total assets of Russia's banking sector.

KTZ is the largest transporting holding and a transport and logistics operator in Kazakhstan. The company manages the country's railroad network. It implements some 14 projects of the state program of forced industrial-innovative development by involving world leaders in engineering technologies, as well as the financial sector.

Edited by CN

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