Development Bank of Kazakhstan reports on performance in 2010, reveals plans for 2011
25.01.11 17:51
/KASE, January 25, 11/ - Development Bank of Kazakhstan (Astana), whose bonds
are officially listed on Kazakhstan Stock Exchange (KASE), has provided
KASE with the following press-release:
quote
Development Bank of Kazakhstan is a major national institution under auspices
of the Sovereign Wealth Fund Samruk-Kazyna and one of the largest financial
institutions in Kazakhstan (assets as of January 1, 2011 were estimated at
USD6.5 bn). The Bank has the highest credit rankings across the industry,
matching Kazakhstan's sovereign ratings.
By results of 2010, DBK has shown an increase in loans disbursed under the
Government's Programme of Accelerated Industrial and Innovative Development
of Kazakhstan for 2010-2014 (PAIID); its growing financial ratios helped to
attract major foreign investments to manufacturing industries.
As of January 1, 2011, DBK's loan portfolio exceeded USD2.9 bn, increasing by
USD968 m (48%) since the beginning of the year. The share of loans for
investment projects is the largest (82%), which clearly speaks for the Bank as
being a large investment institution.
DBK's priority is financing of large industrial and infrastructural projects,
first of all, in sectors like metallurgy, chemicals, petrochemical industry,
energy, transport, communications and tourism.
In 2010 the Bank approved financing of 6 new investment projects jointly
totaling to USD1.35 bn with USD1.26 coming from the Bank, including a strategic
project on reconstruction of Atyrau oil refinery, the third stage of the
construction of Moinak hydro-electric power station, a project on increasing the
capacity of Shardara hydro-electric power station, a project on construction of
ice-breaking tow-boats in Mangystau region, manufacturing of rail carriages in
Ekibastuz etc.
In 2010 the DBK group (DBK and DBK-Leasing) implemented 18 projects amounting to
USD1.4 bn with USD701.5 m financed by DBK, among them there were strategic
investment projects supported by the government.
In 2011 the Bank intends to complete and continue financing of 18 projects with
the total value of USD2.4 bn, as well as to open financing for 5 new projects.
In 2011, 10 projects currently implemented with the Bank's support are expected
to be commissioned, whose value will reach USD650 m.
As of January 1, 2011 the volume of financing carried out by the Bank reached
USD5.2 bn, increasing by 34% since the beginning of the year. Throughout 2010,
Kazakhstan raised USD1.150 bn of foreign investments (Export-Import Bank of
China, JBIC, BNP Paribas, Bank of Tokyo Mitsubishi UFJ, Eurobonds) and KZT43 bn
from inside the country.
The Bank plans to raise another USD1.5 bn via Eurobonds issue, tied and
inter-bank loans, KZT-denominated bonds issue inside Kazakhstan.
Within the next five years the Bank's investment activities will be aimed at
implementing PAIID projects by way of financing large investment projects on
national scale. The Bank sets a goal - to provide not less than 10% of total
investments into non-raw material industries and infrastructure across
Kazakhstan during PAIID implementation. It also wants to increase its loan
portfolio to USD7 bn by 2015 and to USD10 bn by 2020. Another important goal
is to obtain a corporate governance rating from Standard & Poor's at a level not
lower than GAMMA-6 by 2015, and not lower than GAMMA-7+ by 2020.
unquote
[2011-01-25]