Development Bank of Kazakhstan CJSC as for now has made credit contracts for $62.5m

/Kazakhstan today, March 28, 02/ - Development Bank of Kazakhstan CJSC as for now has made credit contracts for $62.5m. It was said today, March 28, holding speech at the meeting with a participation of the state head and akims of the republic regions by the vice-premier - the minister of finance of the RK Alexander Pavlov. According to his data, credit contacts for the amount of $600m "are being worked out". At the same time, A. Pavlov demanded from the regions heads "as soon as possible complete a formation of authorized capital of the development bank". Based on the Ministry of finance data, by the beginning of 2002 their own liabilities before Development Bank of Kazakhstan haven't been performed by 7 out of the 16 regions of the republic, which didn't' transfer to authorized capital of the development bank a total amount of KZT2.4bn. "At the same time, as of the year beginning KZT22bn were on the accounts of the regions," stressed Pavlov. Development Bank of Kazakhstan founded on May 31,2001 in accordance with a decree of the President of Kazakhstan is a large domestic financial institution that has to provide mid- and long-term financing of the investment projects in priority spheres of the economy. A size of authorized capital of Development Bank of Kazakhstan CJSC accounts for KZT30bn. Shareholders of the bank are the Government of the RK - 75% of announced authorized capital and local executive bodies of all oblasts and Almaty and Astana cities - 25%. As of February 1,2002 a 90% (KZT27bn) of announced authorized capital has been paid. [2002-03-28]