Baku, Azerbaijan, April 30
By Elena Kosolapova - Trend:
The Development Bank of Kazakhstan (subsidiary of Kazakh National Management Holding Baiterek) signed a framework agreement with HSBC Bank plc, Kazakh bank reported on April 30.
HSBC Bank plc opened a 500 million euro credit line under the coverage of export credit agencies of different countries for the Development Bank of Kazakhstan.
"DBK considers HSBC Bank plc as a reliable partner. The reached agreements will allow the Bank to expand opportunities for long-term (10 years) financing of major projects in priority economy sectors, including infrastructure development, "Acting Chairman of the DBK Board Askar Dostiyarov said.
Moreover within the framework of this document, the parties signed an individual loan agreement on financing construction of a rail and structural plant in Aktobe.
Funds will be allocated for the purchase of Siemens (Italy) technological equipment to equip the rail and structural workshop.
The project is worth 55.3 billion tenge (182.05 tenge =$1) and is scheduled to complete at the end of 2014. This plant will meet the requirements of Kazakhstan Temir Zholy (Kazakh Railways) for 120 and 25 meters-long rails and the construction sector. The general contractor of the investment project is Joint Kazakh-Ukrainian Company Soyuz-Complect LLP.
Development Bank of Kazakhstan is the National Institute of Development for modernization and development of non-commodity and infrastructure sectors of the Kazakh economy.
The bank is focused on the development of industrial infrastructure and manufacturing, promoting and attracting foreign and domestic investment in the economy. DBK acts as one of the largest operators of investment in the Kazakh state program of forced industrial-innovative development.