DBK funds projects worth $900 million in SCO countries interaction

Kazakhstan Materials 11 September 2014 15:58 (UTC +04:00)

Astana, Kazakhstan, Sept.11

By Daniyar Mukhtarov - Trend:

Development Bank of Kazakhstan JSC has financed projects totaling $900 million within the framework of cooperation between the countries of the SCO, the Chairman of the Board Bolat Zhamishev said during the 10th meeting of the Board of the Interbank Association (IBA) of the Shanghai Cooperation Organization, which was held Sept. 11 in Dushanbe (Tajikistan).

"For us, the Development Bank of Kazakhstan, the results are expressed in concrete figures. The matter rests in 4 investment projects funded within the framework of SCO worth about $3.5 billion. The sum of the allocated loan funds from the DBK was about $900 million," Zhamishev said.

The matter rests in such important projects for the economy of Kazakhstan as the Kazakhstan Electrolysis Plant (second phase), Moinak HPS, deep refining complex at the Atyrau refinery, expansion of the Aktau seaport. The head of the DBK drew his colleagues' attention to the importance of "substantive content of long-term cooperation".

"Kazakhstan is interested in attracting of long-term investments in the non-primary sectors of the economy. President Nursultan Nazarbayev approved the second Five-Year Program of Industrial and Innovation Development (in 2015-2019). We lay big hopes for the SCO Interbank Association as one of the platforms on enhancement of our efforts, since the role of the Development Bank in diversification of Kazakhstan's economy will only grow," Zhamishev said.

The agenda of the 10th Meeting of the SCO Interbank Association included various aspects of cooperation within the SCO Interbank Consortium, including the issues of training and exchange of experience, cooperation with the SCO Business Council. The parties signed the action plan on strengthening of the financial cooperation and promotion of the regional development.

Vladimir Dmitriev, the Chairman of Vnesheconombank, was elected the Chairman of the Board of the SCO Interbank Consortium for the period from October 26, 2014 to October 25, 2015.

On October 26, 2005 the Shanghai Cooperation Organization Heads of Governments (Prime Ministers) Council took a decision to establish the SCO Interbank Consortium and signed the Agreement on Interbank Cooperation (Consortium) in the SCO framework.

The members of the SCO IBC are the Development Bank of Kazakhstan, the State Development Bank of China, the Settlement & Savings Company of the Kyrgyz Republic RSK Bank, the Bank for Development and Foreign Economic Affairs of the Russian Federation Vnesheconombank, the State Savings Bank of the Republic of Tajikistan Amonatbonk, the National Bank for Foreign Economic Activity of the Republic of Uzbekistan.

Development Bank of Kazakhstan JSC (subsidiary of The National Management Holding Baiterek JSC) is the national development institute for modernization and development of non-raw-materials and infrastructural economic sectors of Kazakhstan, founded in 2001. The main business lines: Development of production infrastructure and fabricating industry, support and attracting foreign and domestic investments to the national economy. DBK is one of the largest investment operators of the state program for augmented industrial and innovation development.