Baku, Azerbaijan, Oct. 17
By Elena Kosolapova - Trend:
The Development Bank of Kazakhstan plans to attract tenge liquidity in the amount of not less than 75 billion tenge (181.50 tenge = $1) by the end of 2014- early 2015.
The funding is for the financing of projects in the framework of the state program of industrial-innovative development, Novosti-Kazakhstan quoted the bank's head Bolat Zhamishev as saying.
"We are actively working on the project on financing of the industrial development program. The National Fund will allocate 75 billion tenge to us, including 50-billion tenge credit line and 25 billion tenge to the capital," he said.
"And we have to attract 75 billion tenge more from other sources," Zhamishev told reporters on Oct. 17 in Almaty.
In particular, the bank plans to attract some part of this sum from Kazakh Common Pension Fund and is negotiating with the fund on this issue.
Moreover the bank expects to use currency swaps and attract deposits from the companies within Kazakh National Managing Holding Baiterek which have excess liquidity.
Zhamishev noted that 75 billion tenge is the minimum amount of the required tenge liquidity.
Development Bank of Kazakhstan (subsidiary of The National Management Holding Baiterek) was founded in 2001. Its mission consists in promoting sustainable development of the national economy through investments to non-energy sector of the country.
The banks activity is aimed at improving and raising efficiency of public investment activity, developing of industrial infrastructure and processing industry, facilitating in raising external and internal investments to the economy of the country.
Edited by T.T.