Kazakh bank receives government tranche to finance construction projects

Kazakhstan Materials 7 October 2011 15:23 (UTC +04:00)

Azerbaijan , Baku, Oct.7 / Trend, S.Dadashova /

Kazkommertsbank has received a third KZT19.3 billion tranche from the government to finance the LPP Global Building Contract project companytocomplete of Kuat Corporation's unfinished construction projects, the bank's website reported.

The project company has completed the following projects of Kuat Corporation: "Grand Alatau" in Astana, "Ush-Tobe", "46th block" and "29th block" in Almaty. The tranche will be used to complete construction of the remaining unfinished Kuat's projects: "2nd block", "20th block" and "42nd block" in Almaty. It is expected that this final part of the development will be completed by late 2012.

The funds have been provided to the bank as a deposit by the Distressed Assets Fund. The first KZT20 billion and the second KZT14.7 billion tranches were received in December 2009 and November 2010, respectively.

Kazkommertsbank (KKB) is one of the largest banks in Kazakhstan and Central Asia with total assets of KZT 2,779.8 billion as of June 30, 2011. In addition to its core banking business (retail and corporate) KKB has subsidiaries active in pension fund management, asset management, insurance and brokerage. KKB also has foreign subsidiaries in the Russian Federation, Kyrgyzstan and Tajikistan.