Development Bank of Kazakhstan JSC intends to offer tenge bonds for an amount equivalent to $50 m. on the floor of RFCA

/INTERFAX-KAZAKHSTAN, Almaty, February 1, 07, title of IRBIS/ - Development Bank of Kazakhstan (DBK, is a part of the state Fund of stable development Kazyna JSC) this year intends to fulfill borrowings on the special trading floor of the regional financial center of Almaty (RFCA) by means of issuing tenge bonds for an amount equivalent to $50 m. "Development institutions within the development program of RFCA propose to make borrowings," informed Abay Alpamysov, a managing director of the fund Kazyna, speaking at the central-asian-investment conference "Integration with world capital markets" on Thursday in Almaty. According to his data, DBK in the current year plans to issue bonds in tenge for an amount equivalent to $50 m. This volume, as expected, will be offered on the special trading floor of RFCA in the third quarter of the current year. Current rate - 126.36 KZT/$1. DBK was founded in 2001. Since May 2006 the bank has been a part of the state-owned Fund of stable development Kazyna JSC (Kazna), established for improvement of the system of corporate management of development institutions. DBK executes selection and crediting of medium- and long-term investment projects in manufacturing infrastructure and non-primary branch of economy, fulfillment of which is estimated for a period from five to twenty years. RFCA was established with the purpose of development of the securities market, providing its integration with international capital markets, attracting investments in the economy of Kazakhstan, bringing of the Kazakhstani capital to foreign securities markets. The main functioning principle of RFCA is the creation of equal conditions both for Kazakhstan and foreign participants of the financial center. RFCA will be functioning in the form of the special zone with separate legal regime. At that, in contrast to special economic zones currently existing in the republic, RFCA will not have a well-defined territory. Territorial principle will be kept by the requirement for RFCA participants about availability of office on the territory of Almaty. It is assumed that Kazakhstan companies, as well as companies from Russia, Ukraine and the Central-Asian region, Kazakhstan banks, brokers of RFCA on index funds and other securities, provided by assets, and also other foreign issuers will enter the list of potential issuers. Investors in RFCA, as expected, will be Kazakhstan pension funds, mutual funds, insurance organizations, Kazakhstan banks and companies, banks and companies of Russia and Ukraine, domestic and foreign investors. [2007-02-01]