Halyk Sevings Bank of Kazakhstan will receive DM25 million loan from Commercebank (Germany)

/IRBIS, Oct.26, 99/ According to REUTERS, which cites Per Fisher, the representative of Commercebank in the CIS and Baltic countries, the Halyk Savings Bank of Kazakhstan (HSBK) has signed today the work agreement with Commercebank (Germany) on 25 million DM (3 million Euro) under an insurance covering of Hermes, the Germany export-credit agency. Per Fisher has added, that the state concern Hermes will be insure HSBK without the Kazakhstan governmental guarantee. He has not informed about other conditions of the transaction. By the words of Fisher, the credit line is intended for long-term (3-5 years) financing of the projects connected to the import of German firms equipment. The HSBK chairman Karim Maksimov has informed that the first project within the loan program will become the bank modernization, including expansion of the bank's ATM machines network at the expense of purchasing of such machines manufactured by the Siemens company. "There, where we see, that the country experiences crisis, but the central banks carry out an effective control and supervision, there we are ready to risk, because we are commercial bank and accompany our customers and we are interested to continue a cooperaton with the banks and the countries of this part of the world", - Fisher has told.