Baku, Azerbaijan, Aug. 5
By Elena Kosolapova - Trend:
Kazakhstan's Development Bank JSC allocated a five-year loan worth seven billion tenges (187.65 tenge = $1) to the Ust-Kamenogorsk Titanium Magnesium Plant JSC, said the bank August 5.
The bank said the loan would be directed to the purchase of raw materials and their processing for the subsequent production of titanium sponges, alloys and ingots used in the aerospace industry.
"The ingots and alloys produced by the plant, after being processed, will be sold to the largest European companies," said the Development Bank.
The Kazakhstan Development Bank JSC, created in 2007, is a national institute for modernization and development of the non-primary and infrastructure sectors of the economy of Kazakhstan.
The bank is a part of the National Management Holding Baiterek JSC.
Edited by CN
Follow the author on Twitter: @E_Kosolapova