/REUTERS, July 17, 02/ - State Development Bank of Kazakhstan raised a loan totaling $28m from banks syndicate headed by ING Bank, informed Kazakhstan bank on Wednesday.

Loan is granted with term of 1 year with possibility of two-time prolongation for the next six months. Funds are raised at LIBOR rate + 2.7% APR.

The bank, created last year for medium- and long- term projects financing in the country's economy, will direct funds to export and import crediting.

Bank's assets to the beginning of 2002 totaled approximately KZT24.9bn, stockholders' equity - KZT24.8bn ($165m).

[2002-07-17]