Development Bank of Kazakhstan talks 2020 priority projects

Development Bank of Kazakhstan talks 2020 priority projects

BAKU, Azerbaijan, Jan.14

By Nargiz Sadikhova - Trend:

Plan of Development Bank of Kazakhstan (DBK) for project’s support in 2019 was 446.5 billion tenge ($1.1 million), DBK Deputy Chairman of the Management Board Duman Aubakirov told Trend.

Aubakirov noted that in accordance to DBK’s development strategy, the bank is planning to allocate approximately 4.4 trillion tenge ($11.5 billion) for development of processing industry and industrial infrastructure through 2023.

Aubakirov disclosed that over the course of 2019,DBK approved funding of nine investment projects total cost of which was 935 billion tenge ($2.4 billion) and DBK’s support of which amounted to 374.7 billion tenge ($982.7 million), as well as funding of three pre-export operations with 8 billion tenge ($20.9 million).

“The currency structure of DBK’s loan portfolio continues displaying increase of tenge-denominated loans share,” Aubakirov said.

He noted that share of tenge-denominated loans in bank’s loan portfolio increased from 42.5 percent in 2018 to 51.8 percent as of Nov. 30, 2019 and amounted to 859.6 billion tenge ($2.2 billion). At the same time, share of US dollar denominated loans amounted to 47.5 percent.

“New manufacturing capacities were launched at five ventures in 2019, total cost of which was 140 billion tenge ($367.1 million), whereas DBK’s support exceeded 83 billion tenge ($217.6 million). Manufacturing of power transformers, ferrosilicon, poultry meat, as well as the production of ‘green energy’ is being carried out at these ventures,” Aubakirov said.

Talking DBK’s Plans for 2020, Aubakirov noted that bank will go on funding major projects in processing industry and infrastructure.

“DBK is interested in projects aimed at manufacturing of highly processed goods, development of manufacturing, which affect related industries and have high export potential,” Aubakirov said.

Along with long-term and short-term projects funding, DBK will continue use of measures such as joint funding, provision of DBK guarantees, leasing and equity financing via its subsidiaries in 2020, Aubakirov noted.

“At the same time, within the framework of export-oriented local manufacturing support, DBK will focus on searching for promising niches at the markets of key trading partners of Kazakhstan. In order to expand bank’s support measures, DBK will provide both exporters and importers with new measures in the form of additional loan and documentary operations,” Aubakirov said.

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