Baku, Azerbaijan, Sept.3
By Elena Kosolapova - Trend:
Development Bank of Kazakhstan JSC started to finance the export of Kazakh steel products and zinc totaling 16.2 billion tenge (241.15 tenge = 1$), the message from the bank said Sept.3.
Particularly, a loan worth 10 billion tenge has been provided for up to 5 years to ArcelorMittal Temirtau JSC (part of ArcelorMittal group) to procure raw materials and materials, their processing for further manufacture of finished steel products, according to the message.
Moreover, the borrowed funds worth 6.2 billion tenge has been allocated to Kazzinc LLP (part of Glencore International structure) for production and export of zinc for 3 years.
The borrowed funds have been provided on concessional terms within implementation of the new "Nurly Zhol" economic policy in order to support Kazakhstan's export.
In general, the National Fund of Kazakhstan has allocated 35 billion tenge to Baiterek holding through the Development Bank of Kazakhstan in 2015 to support the export of Kazakh goods produced in the processing industry. A total of six projects have been financed within the provided funds as of Sept.1, 2015. The total cost of these projects stood at 31.2 billion tenge.
Development Bank of Kazakhstan JSC is the National Institute of Development for modernization and development of other sectors of the economy and infrastructure of Kazakhstan, established in 2001. The main activities of the bank include: developing industrial infrastructure and manufacturing, promoting and attracting foreign and domestic investments in the country's economy.
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