Development Bank of Kazakhstan JSC informed of signing the agreement with the Bank of external economic affairs (Russia) on development of timber-producing sector in Kazakhstan and Russia

/KASE, March 30, 07/ - Development Bank of Kazakhstan JSC (Astana), bonds of which are traded in the official list of Kazakhstan stock exchange (KASE) under "A" category, has spread the press release to the following effect: Quotation start Within frameworks of the visit of Chairman of the Government RF Mikhail Fradkov in Kazakhstan, the Agreement on collaboration between Development Bank of Kazakhstan JSC (Kazyna fund) and the Bank of external economic affairs of the Russian Federation has been signed today in Astana. The President of KDB Askar Sembin and Chairman of the Bank of external economic affairs Vladimir Dmitriev signed the contract. According to the agreement, banks will cooperate on complex development of timber-producing sector in Kazakhstan and Russia by way of participation in financing the projects, relating to purchase and modernization of acting enterprises, on construction of new wood-working shops, pulp and paper mills and etc. Parties intend to launch maintenance of the signed agreement with discussion of opportunity to take part in financing by Kazakhstan resident company Inter Forest LLP for purchasing and further expanding the manufacture of RF resident Maklakovskiy WWS OJSC. In effort to organize and coordinate works on the given project, and also within frameworks of its analysis and consideration, Kazakhstan and Russian banks agreed upon communicating from coordinated public position, to exchange with information and data, and also contributing to maintaining complex analysis, preparing the structure and conditions of its realization taking into account principles of risks management on equal footing. Besides, the parties came to cooperating on preparation and holding meetings with state bodies and other organizations, business tours and other undertakings, directed to executing the project successfully. The agreement between KDB and the bank of external economic affairs was signed within frameworks of the Program for multi-lateral trade-economic cooperation of SCO states-members dated September 23 2003, the Program of activities to support the regional economic cooperation between banks-members of the Interbank Association in the context of SCO dated October 3 2006. Quotation end [2007-03-30]