KEGOC (Kazakhstan) plans to receive $200 million from World Bank and EBRD

/IRBIS, Oct.13, 99/ - According to REUTERS, which cites Almas Mynbaev, the chief of KEGOC's legal department, KEGOC (National electrical networks management company) plans to attract in October - November 1999 credits on the sum of $200 million from the World bank and EBRD. These means will be directed to the main networks reconstruction. "It is required about $270 million for reconstruction of main networks. We have prepared the project of contract for receiving of $140 million from the World bank and $56 million from the European Bank of Reconstruction and Development (EBRD), residual $72 million will be the own KEGOC means", - has told Mynbaev at the press-conference. The contract with EBRD can be signed on October 20 - after its approval by the Board of directors on October 19. Contract with the World Bank, after the appropriate approval, can be signed on November 3. The loan of the World Bank will be given for 20 years with privilege period under LIBOR + 0.45%, EBRD credit - for 15 years under LIBOR + 1%. The means of the credit will be invested during five years and, according to the first vice-president of the company Kengemurat Dukebaev (which also participated in the press-conference), it will not result in growth of the power transportation tariffs. OJSC KEGOC was created by the government in 1997. The total length of network under company's managing, makes 23,460 kilometers. Also KEGOC's network includes 73 substations.