Russian bank, Kazakh railway sign memorandum of cooperation worth $3b
Azerbaijan, Baku, Nov. 30 / Trend E. Kosolapova/
Russia's savings bank Sberbank, Kazakh National Company Kazakhstan Temir Zholy (KTZ) (railway) and Kazakh Subsidiary of Sberbank signed a memorandum of cooperation in the amount of 442 billion tenge ($3 billion) in Astana, Sberbank reported on Wednesday.
"The ceremony of signing took place in the Government House of Kazakhstan and was attended by Kazakh Prime Minister Karim Massimov, President and Chairman of the Management Board of. Sberbank of Russia Herman Gref, President of Kazakhstan Temir Joly Askar Mamin and Chairman of the Board of Kazakh Subsidiary of Sberbank Oleg Smirnov," the report said.
Memorandum of cooperation is aimed at developing and financing of KTZ's infrastructure and investment projects. In particular it envisages financing construction of plants for production, maintenance and overhaul of locomotives, electric trains, passenger and freight cars in Kazakhstan.
Sberbank is the largest credit institution in Russia and CIS. The founder and main shareholder of Sberbank is the Central Bank of Russian Federation.
Kazakhstan Temir Zholy is the national railway company of Kazakhstan. KTZ's task is to develop, operate, and maintain railway transportation in Kazakhstan.