Development Bank of Kazakhstan to provide KZT1.3 m of subsidies to Zapchast
29.05.12 12:28
/KASE, May 29, 12/ - JSC "Development Bank of Kazakhstan" (Astana),
whose bonds are officially listed at Kazakhstan Stock Exchange (KASE), has
provided KASE with the following press-release of May 29, 2012:
quote
JSC "Zapchast" will receive a subsidy on the DBK loan
Over USD1.3 m will be earmarked for subsidizing the enterprise under the
"Business Road Map" program
The project of JSC "Zapchast" providing for the launch of a steel parts
manufacturing unit in the city of Taraz (Project) will receive a 5 per cent
subsidy on the interest rate on the loan of JSC "Development Bank of Kazakhstan"
(DBK or Bank).
The project worth a total of over KZT19 m was funded by DBK in 2008. The
launch of a steel-melting unit at Zapchast's plant is supposed to be made in the
second half-year of 2012. 156 new workplaces will be created.
A reduction of the tax burden on the Project is provided for under direction
"Entrepreneurial Sector Rehabilitation" of program "Business Road Map 2020"
(Program)/ Part of payments on the loan of JSC "Zapchast" will be reimbursed
under the Program over three years. A relevant subsidy agreement between the
Bank and the borrower became effective in May 2012.
On its part, the Bank has approved a financial rehabilitation plan of its own,
changed the payments schedule in order to be included in the Program.
The plant of JSC "Zapchast" was established in 1993 on the basis of Zhambyl plant
of tractor spare parts. Currently, JSC "Zapchast" manufactures spare parts for
railway vehicles and implements an investment project on manufacturing of steel
parts.
unquote
[2012-05-29]