Kazakh holding to finance project for production of Toyota Fortuner cars

Kazakh holding to finance project for production of Toyota Fortuner cars

Astana, Kazakhstan, June 16

By Daniyar Mukhtarov - Trend:

Kazakhstan's Baiterek JSC National Managing Holding will finance the project for production of the Toyota Fortuner cars in the country's city of Kostanai, the chairman of the Board of the Baiterek JSC, Kuandik Bishimbayev told reporters on June 12.

"The production of licensed Japanese cars is of great importance for the development of the national car industry, the technology transfer and creation of new jobs," he said.
As a result of financing this project, the Kazakh citizens will get the opportunity to buy cars assembled in their country, according to the board chairman.

"The production line of the Saryarka AvtoProm LLP consists of the modern robotic equipment that was purchased in leasing, while the component parts were bought with loans of Kazakhstan Development Bank JSC," the director of Saryarka AvtoProm LLP said.

Kazakh President Nursultan Nazarbayev launched Toyota car production project in Kostanai (northern Kazakhstan) during the teleconference at the 27th plenary meeting of the Foreign Investors Council in the Burabai resort town (200 kilometers from Astana) on June 12.

The subsidiary of the Baiterek JSC, Kazakhstan Development Bank JSC and the Saryarka AvtoProm LLP have signed an agreement on financing the $58.43 million worth project. Some $45 million (77 percent) of this amount fell to the equity of Kazakhstan Development Bank.

Baiterek National Managing Holding was established in accordance with a decree of the Kazakh president dated May 22, 2013. The purpose for establishing the holding was to promote the development and diversification of the economy, attract investments and to improve the corporate governance system in its subsidiaries.

The holding's trust management includes the Development Bank of Kazakhstan JSC, Investment Fund of Kazakhstan, Housing Construction Savings Bank of Kazakhstan, Kazakhstan Mortgage Company, KazExportGarant, DAMU Entrepreneurship Development Fund, National Agency for Technological Development, Kazyna Capital Management, Distressed Assets Fund and Kazakhstan Mortgage Guarantee Fund.

Edited by CN

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