Baku, Azerbaijan, April 11
By Elena Kosolapova - Trend:
Kazakhstan`s National Welfare Fund Samruk-Kazyna JSC plans to borrow in the amount of 800 billion tenge in 2014, Financial Director and Member of the Board of the fund, Nurlan Rakhmetov said.
"In accordance with the five-year development plans of our companies, which were approved in 2014, it was planned borrowing in the amount of 800 billion tenge at the beginning of the year. Some 500 billion tenge - domestic loans and 300 billion tenge - external borrowings," he told Trend on April 10.
The lion's share out of external borrowing will be accounted for by the KazMunaiGas national oil and gas company in the amount of some 257 billion tenge. "Kazakhstan Temir Joly" (Kazakhstan Railways) plans to borrow in the amount of $ 11.5 billion tenge, Kazakhtelecom- five billion tenge, the national airline Air Astana- 14 billion tenge, Kazakhstan electricity grid operating company KEGOC - 14 billion tenge.
"All of these are mainly due to the Eurobonds. However, some part is taken from the banks as well," Rakhmetov said.
Some 200 billion tenge out of domestic borrowing accounts for the Samruk-Energo`s deal on the purchase of 50 percent of Ekibastuz GRES-1 from Kazakhmys, which happened early in the year.
"National Fund allocated the money on market conditions," Rakhmetov said.
Theremaining 300 billion tenge of domestic borrowing -134 billion tenge also accounted for KazMunaiGas, 43 billion tenge - "Kazakhstan Temir Joly", eight billion tenge - Kazakhtelecom, 58 billion tenge - National Atomic Company Kazatomprom, 42 billion tenge - other projects of Samruk-Energo besides Ekibastuz GRES -1.
According to the National Bank of Kazakhstan, the weighted average rate of tenge in January, 2014 was about 155 per dollar. As a result of the February devaluation of the tenge, it fell by nearly 20 percent. Average rate was 182.3 tenge/1$ in March.
Translated by S.I.
Edited by C.N.