KMC till the end of year borrows credit for $100 m. from Credit Swiss, in year 2008 plans to borrow $200 m. more

/INTERFAX-KAZAKHSTAN, Astana, November 12, 07/ - State Kazakhstan mortgage company JSC (KMC) till the end of year borrows credit for $100 m. from Credit Swiss, the minister of finance of republic Daulet Yergozhin told to Interfax-Kazakhstan agency. He noted that last week in London he had hold the negotiations with foreign financial institutions, in particular with JP Morgan, Credit Swiss, Citibank concerning provision of credit to KMC. "More acceptable conditions for first tranche at $100 m. for Kazakhstan mortgage company were provided in Credit Swiss", - he told. "In principle, general agreement we already have. Now we need time for technical registration (of deal - IF-K), that is for preparation of credit agreement, receiving of juridical and economical conclusions", - the interlocutor of the agency noted, adding that for all these procedures they need about 2 weeks. Along with it he infirmed that in year 2008 KMC plans to borrow $200 m. more. "This year, I think, we'll receive $100 m. for Kazakhstan mortgage company, next year we consider the additional borrowing of $200 m. more", - D.Yergozhin told. "Trip to London showed, that Kazakhstan mortgage market do not have any problems (...) When Kazakhstan mortgage company is provided with $100 m. at normal rate, than it is impossible to speak about any crisis in the country", - he stressed. KMC is working on financial market of republic since December 2000 in the frames of realization of state habitation program. Main directors of activities of KMC are purchasing of requirement rights on long-term mortgage habitation loans, provided by banks, and also borrowing of resources for mortgage crediting, including by issuing of own mortgage securities. Shareholder of the company is government of republic in face of ministry of finances [2007-11-12]