Baku, Azerbaijan, Oct. 16
By Rashid Shirinov – Trend:
China Development Bank (CDB) supports 32 projects in Kazakhstan with a total funding of more than $20 billion, Kazakh National Economy Minister Timur Suleimenov said during the opening ceremony of the CDB representative office at THE Astana International Financial Centre, according to Kazakh media.
"These include such areas as oil and gas, minerals, electricity, chemical industry and finance. Now there are about 1,200 enterprises with Chinese capital," he said, adding that they are represented in all sectors of industry, agriculture and the financial sector.
Suleimenov also noted that CDB established a special credit line in the amount of $15 billion, under which four key projects were implemented in Kazakhstan.
"The total amount approved for funding was $4.6 billion. These projects include light rail, a project for polypropylene production, a project for herbicides creation, as well as the modernization of the Shymkent refinery," the minister said.
He added that the trade turnover between Kazakhstan and China increased by 33 percent, and that more than 40 commercial documents totaling $13 billion were signed in Astana this summer within the framework of the last Kazakhstan-China Business Council.
China Development Bank was founded in 1994 as a policy financial institution under the direct leadership of China's State Council. CDB is the world’s largest development finance institution and the largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance.
