ASTANA (TCA) — A framework cooperation agreement worth US $300 million has been signed between Kazakhstan’s National Management Holding Baiterek and Japan’s major bank Sumitomo Mitsui Banking Corporation (SMBC) on financing of non-oil sector projects in Kazakhstan, Baiterek said.
The agreement was reached within the framework of the official visit of President of Kazakhstan Nursultan Nazarbayev to Japan on November 8.
According to the agreement, Baiterek’s subsidiary, Development Bank of Kazakhstan, will expand cooperation with SMBC in the field of export credit financing for further development of Kazakhstan’s economy, support for the supply of high-tech equipment and related components.
“The signed agreement will allow attracting the necessary funding for the implementation of the current and future joint investment projects in non-primary sector of the economy,” Baiterek’s Chairman of the Board Erbolat Dossaev said after the signing of the agreement.
In addition, subsidiaries of the Baiterek Holding and Japanese financial institutions signed a number of documents. Development Bank of Kazakhstan and Bank of Tokyo-Mitsubishi UFJ signed a 100-million dollar funding memorandum. Memoranda of Understanding were signed between JSC KazExportGarant and Nippon Export and Investment Insurance (NEXI), and between JSC National Agency for Technological Development and Japan Technology Group Inc.
During the visit to Japan, Dossaev held a series of meetings with representatives of Japan’s leading development institutions and financial organizations. He discussed cooperation issues with the management of Japan International Cooperation Agency (JICA), Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI), the largest banks and investment funds such as Sumitomo Mitsui Banking Corporation, Bank of Tokyo-Mitsubishi UFJ, J-Star Co. Ltd., and Japan Technology Group.
