Bank TuranAlem JSC (Kazakhstan) informed about receiving of deposit from fund for stable development Kazyna JSC in size of KZT9.8 bn.

24.12.07 15:07
/KASE, December 24, 07/ - Bank TuranAlem JSC (Almaty), securities of which are traded in Kazakhstan stock exchange's (KASE) category "A" official list, had spread today the press-release in which is informed that bank received the deposit in size of KZT9.8 bn. (about $81.0 m.) according to agreement with Fund for stable development Kazyna JSC (further - FSD Kazyna). According to the message deposit was placed in the frames of agreement, signed on December 6, 2007 between Ministry of finance of Kazakhstan, akimat of Astana and FSD Kazyna, Kazakhstan Mortgage Company JSC and second tier banks. The given document is aimed on coordination in the frames of realization of plan of primary activities for provision of stability of social-economical development of Kazakhstan. "Funds, given to bank TuranAlem, were placed for 3 years and have to be used exclusively for finishing of construction objects, approved by corresponding state committee. By its turn FSD Kazyna have the right to claim information from BTA about mastering and purposeful using of funds, Moreover, it is necessary to observe conditions, with which bank, which had received the funds and construction companies will together finance not less than 15% from cost of project. So, FSD Kazyna finances 85% of project, STB - 10%, construction company - 5%", - is specified in the message. By information of the bank, in accordance with agreement between Bank TuranAlem JSC and fund fro development of small business JSC bank will receive KZT12.2 bn. (about $100.0 m.) for participation in the program for support of small and middle enterprisers. [2007-12-24]