DBK and Almex to jointly attract foreign investment to Kazakh economy

handshake-000

ASTANA (TCA) — The Development Bank of Kazakhstan and Almex Holding Group have signed an agreement on cooperation in co-financing projects and attracting foreign investments into the economy of Kazakhstan. The document was signed by the Chairman of the Board of DBK Bolat Zhamishev and the Chairman of the Board of Almex Mazhit Yessenbayev, the Atameken National Chamber of Entrepreneurs of Kazakhstan reported on July 28.

“Cooperation between Development Bank of Kazakhstan and the country’s largest private financial holding company will direct a synergy of competence accumulated by Almex in equity financing and by DBK in the provision of long-term financing at the development of non-oil economy, implementation of capital-intensive projects in the manufacturing sector, including food production,” said the Chairman of the Board of DBK Bolat Zhamishev.

“The development of public-private partnership with the largest state financial institution, such as the Development Bank of Kazakhstan, which invests in major projects and has gained experience in conducting detailed assessment of projects and further effective monitoring of their implementation, will be a great help for the realization of investment projects in various industries and sectors of the country’s economy,” said Almex Chairman Mazhit Yessenbayev, added that “this experience will be attractive for other private financial institutions intending to invest in the real economy”.

The parties agreed to establish a joint working group to search for and select projects for joint development, define financing mechanisms including direct investments or loans, and monitor results of cooperation.

Almex is a financial holding company which carries out investment activities in the financial market and provides through its subsidiary JSC Halyk Bank of Kazakhstan banking services to corporate and retail customers in Kazakhstan, Russia, and Kyrgyzstan.

The Development Bank of Kazakhstan (DBK) is a National Institute of Development for modernization and development of non-extractive and infrastructure sectors of the economy of Kazakhstan. DBK is part of the National Holding Baiterek.

Sergey Kwan

TCA