IFC grants USD15 mln loan to "Bank TuranAlem" (Kazakhstan)

/IRBIS, Sep.16, 99/ - On September 17, 1999 a ceremony devoted to signing an agreement between "Bank TuranAlem" (Almaty, Kazakhstan) and International Financial Corporation (IFC) on granting USD15 mln loan will be held, said in the press-release of the bank. "Bank TuranAlem" is the second bank in Kazakhstan after "KAZKOMMERTSBANK" to receive a loan from such a big international organization as IFC. The loan is granted for seven years and is to be used to finance trade and production projects. According to the press release, IFC plans to use $5 mln of this grant to buy "Bank TuranAlem" shares. IFC desire to join in on bank's capital reflects high level of its acknowledgement on international financial market, financial stability and reliability, and confirms its position as one of the leaders in Kazakhstan banking sector. It is not the first large credit for "Bank TuranAlem" to receive this year, stated in the press release. In July of this year the bank signed an agreement to get syndicated loan for USD13 mln from foreign banks to finance pre-export cotton shipments, and in August it provided a bank guarantee for USD9.8 mln loan of European Bank for Reconstruction and Development granted to "Samal Properties". Also, several framework agreements were signed in August with the biggest German banks - Сommerzbank AG, Deutsche Bank AG и Dresdner Bank AG to finance middle term production projects within an insurance coverage provided by German insurance export-credit agency Hermes for DEM25 mln. Presently, preparations are being made to sign similar agreements with three more German banks. We remind, that on September 8 of this year shares of "Bank TuranAlem" were included in KASE official list of securities of category "A".