Development Bank of Kazakhstan to fund alloy plant construction with China

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ASTANA (TCA) — The Development Bank of Kazakhstan will take part in the construction of a complex alloy producing plant in Kazakhstan. The project will be implemented as part of the program of production capacity transfer from China to Kazakhstan, the Bank’s Chairman of the Board Bolat Zhamishev said on February 17 at a briefing in Astana, the official website of the Prime Minister of Kazakhstan reported.   

“We are now working on the largest project — a plant for production of complex alloys in Kazakhstan. The project financing is at $150 million,” Zhamishev said.

In addition, the DBK will take part in financing a project in the field of green energy.

“JSC Samruk-Energo is the project’s initiator. I think that we will be able to start more active work on this project in the second half of this year,” said the head of the Bank.

He also said that Chinese banks are interested in co-financing projects with the Kazakh side.

According to Zhamishev, a total of 52 projects are currently implemented under the program of production capacity transfer from China to Kazakhstan.

“The bulk of the investments are loans from [Chinese] state banks and the Silk Road Fund. China is providing most of the investments, plus technology and equipment from China,” he added.

The Development Bank of Kazakhstan’s main goal is to promote sustainable development of the national economy through investments in the country’s non-energy sectors.

Sergey Kwan

TCA