Kazakhstan Bank of Development plans to borrow $2.5 - 3 bn.

/INTERFAX-KAZAKHSTAN, Astana, August 8, 07/ - State Kazakhstan Bank of Development (KBD) is planning to borrow on the internal and external markets in the upcoming three years $2.5 - 3 bn., informed the vice-president of the bank, Anar Omarova. "In the upcoming three years, we are planning to loan the economy of the country for the total amount of $2.5 - 3 bn. Since we can not use the authorized capital of the bank for making loans we are obliged to borrow these sources on the internal and external markets", - she said on the press- conference on Wednesday in Astana. The vice-president reminded that the KBD has planned to issue bonds for the sum of $500 m. in the current year; these bonds will be listed on the London Stock Exchange and on the special trading floor of the regional financial center of Almaty (RFCA). "Because we would like to develop the securities market in Kazakhstan, KBD plans to issue the given bonds both for the investors of the republic and for the international organizations. At that, in Kazakhstan, the bank intends to attract capital of pension funds, private investors, and other investment companies. (...) The given capital will be allocated for financing of the long- term projects by the bank", - clarified A. Omarova. KBD was created in year 2001. Since May 2006 the bank enters the composition of Fund of stable development Kazyna JSC, created for improving of system of corporate management of development institutions. KBD maintains the selection and crediting of middle and long-term investment projects in the production infrastructure and non-charge fields of economy, realization of which is planned for period from 5 to 20 years. [2007-08-08]