Development Bank of Kazakhstan intends to subsidize loan of Farab Plant

/KASE, February 15, 13/ – Development Bank of Kazakhstan (Astana), bonds of which are officially listed on Kazakhstan Stock Exchange (KASE), provided to KASE the following press release of February 15, 2013: quotation The large manufacturer of medicine, cosmetic and hygienic cotton products LLP Plant Farab will receive the subsidy on DBK loan. The Project LLP Plant Farab on organization and development of medicine, cosmetic and hygienic cotton production in South Kazakhstan (the Project) will receive 5 % subsidy of the interest rate on Development Bank of Kazakhstan loan (DBK). The decrease of the debt burden on the Project is foreseen in the area of "Improvement of the Entrepreneurship Sector" of the program "Business Road Map 2020" (the Program or DKB). The part of payments on the loan will be reimbursed through the Program during three years. In its turn, the Bank approved the plan of the enterprise financial improvement to include the Project to the Program, increased the loan term and changed the loan payment schedule. The Plant uses modern production technologies that allows producing high quality cotton yarn products. At present, LLP Plant Farab directly delivers ready products to 18 cities of Kazakhstan. LLP Farab was constructed in 1995. In 2008, the bank funded technical modernization of the plant and extension of material and technical base of the enterprise. ends [2013-02-15]