Development Bank of Kazakhstan JSC in 2006 approved projects for a total of more than $400 m - press release

/IRBIS, December 29, 06/ - Development Bank of Kazakhstan JSC (Astana), bonds of which are traded in Kazakhstan stock exchange's (KASE) official "A" listing category, today spread a press release of the following content: Quotation start In Astana a meeting of the Board of directors of Development Bank of Kazakhstan JSC (that enters FSD Kazyna) was held, at which issues of Bank's corporate development were considered and several investment projects were approved. The Board of directors confirmed the Development plan of the Bank for 2007-2009 and Bank's budget for 2007, a number of documents were reviewed, which regulate the credit policy, taking into account inserted corrections of FCD Kazyna. DBK reduced staff quantity of its employees by 30% and substantially decreased term of project consideration. In 2006 the Bank performed a serious work on attracting international strategic investors, carried out 13 target presentations of investment priorities of RK in countries of Europe, South-East Asia and CIS. Bank's investment rating was increased by the agency Мoody's to A2 (stable) and the agency Fitch to BBB (positive), which are the highest ratings among banks in Kazakhstan. At the meeting of the Board of directors a portion of investment projects, directed to the implementation of the Strategy of industrial and innovational development of the Bank. The Board of directors approved an investment project of constructing a plant on production of sheet glass in Kyzylorda oblast with using credit and leasing instruments. The given project is brought about at coordination of FCD Kazyna JSC with participation of Investment Fund of Kazakhstan JSC. Company Pilkington plc (United Kingdom) acted as an investor. The project for the first time in Kazakhstan provides creating production of the sheet glass on the basis of contemporary technologies, and also sheet glass products in the volume of more than 180 th. tons annually. Besides, projects on construction of a cement plant in the Eastern Kazakhstan oblast and an enterprise for production of fish products in Almaty oblast were approved. Directions for forming metallurgic cluster in Pavlodar and Karaganda oblast, taking into account modernization of energy capacities, and also creation of up-to-date production of metallurgic silicon obtained the principal approval. It must be stressed that the Bank participates in 6 put of 7 clusters, determined by the Government of RK (food industry, textile industry, oil and gas machinery construction, transport logistics, metallurgy, building materials). By results of 2006 Development Bank of Kazakhstan completed structure reorganizing and forming portfolio of projects, total volume of which totaled USD400 m., which is more than twice exceeds last year's indicator. Quotation end [2006-12-29]