Development Bank of Kazakhstan allocates KZT 20 billion to support the Kazakhstani automotive industry within the framework of the National Bank’s program

18.10.19, 15:02
/KASE, October 18, 2019/ – Development Bank of Kazakhstan (Nur-Sultan), whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), has provided the following press release dated October 18, 2019 to KASE: quote Development Bank of Kazakhstan JSC (subsidiary of the Baiterek National Management Holding JSC, hereinafter, the Bank, DBK) provides phased lending to second-tier banks with the aim of financing individual buyers of Kazakhstani passenger cars at the expense of the National Bank of the Republic of Kazakhstan (hereinafter referred to as the NB, National Bank). To this end, DBK, through the issuance of bonds, has borrowed funds from Kazakhstan Sustainability Fund JSC (a subsidiary of the National Bank of the Republic of Kazakhstan, hereinafter referred to as the KSF). Lending to buyers of passenger cars is carried out as part of the Program for lending to buyers of cars of domestic production, approved by the resolution of the Board of the National Bank of the Republic of Kazakhstan dated May 31, 2019 (hereinafter referred to as the Program). Under the new Program, the first tranche in the amount of KZT 14.5 billion was allocated to the following commercial banks: - Halyk Bank of Kazakhstan JSC (KZT 4 billion); - SB of Sberbank JSC (KZT 7.5 billion); - SB VTB Bank JSC (Kazakhstan) (KZT 3 billion). The remaining part in the amount of 5.5 billion tenge will be disbursed by the banks until the end of this year. DBK, as an operator, regularly monitors the disbursement of funds by these banks. unquote Detailed information is available on KASE website (in Russian) – http://kase.kz/files/emitters/BRKZ/brkz_reliz_181019_1.pdf [2019-10-18]