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China EximBank to issue $1bn loan to Development Bank of Kazakhstan for modernization of Shymkent refinery

May 20, 2014

The Export-Import Bank of China provides to the Development Bank of Kazakhstan a loan worth 1 billion U.S. dollars, which will be spent for modernization and reconstruction of the Shymkent refinery, the reports citing the Baiterek NC JSC.

A loan agreement was signed in the presence of heads of state of Kazakhstan and China during the state visit of President Nursultan Nazarbayev to China on May 19-21, 2014.

The loan is allocated to the member state of the Shanghai Cooperation Organization on preferential terms. The agreement was signed by Chairman and President of the Export-Import Bank of China, Mr. Li Rougu and Chairman of the Board of Directors of JSC "Development Bank of Kazakhstan" - Chairman of JSC "National Managing Holding "Baiterek" Kuandyk Bishimbayev in the presence of heads of states of Kazakhstan and China.

In addition, the State Development Bank of China will provide 500 million U.S. dollars to JSC "Development Bank of Kazakhstan" under the Interbank Association of the Shanghai Cooperation Organization. These funds will be used for projects of non-oil sector of Kazakhstan's economy.

According to the holding, cooperation with the Development Bank of Kazakhstan with Chinese financial institutions began in 2008.

In 2009, during the visit of President Nursultan Nazarbayev to China the Export-Import Bank of China and Development Bank of Kazakhstan signed a framework agreement on cooperation in the field of energy totaling 5 billion U.S. dollars. These funds have been allocated for projects of the Development Bank of Kazakhstan. Of them 3.1 billion dollars have already been utilized, and 500 million dollars have been repaid in advance.

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Source: AKIpress News Agency (Kyrgyz Republic)

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