Development bank of Kazakhstan expects net income in 2003 not less than in 2002

/REUTERS, Astana, Raushan Nurshayeva, March 4, 03/ - State-owned Development bank of Kazakhstan, which, according to results of 2002, received net income in the amount of KZT2.039 bn ($13.25 m), intends to preserve this figure in this year approximately on the same level, said the president of Development bank Kambar Shalgimbayev. Development bank, whose founder is the government and domestic budgets, was founded in 2001 in order to conduct investment policy of the state and finance infrastructure projects on long-term basis. "This year the Board of directors approved the budget of the development bank for 2003, and it's planned to receive net income in the amount of not less than the level of 2002 ", - Shalgimbayev at the press-conference on Tuesday. According to his words, last year the bank approved 18 investment projects and export operations in the value of $146.5 m, crediting by the Bank equaled to $129 m. Projects are realized in such branches as foodstuffs production, transport infrastructure, agriculture, machine-building. According to Shalgimbayev's words, the Bank plans to finance within two years - 2002 and 2003 - projects to the amount of $240-250 m. He also did not exclude possibilities of internal borrowing in 2003 within the framework of he limit, which is $42 m. The Bank's authorized capital has been formed in full volume and is equal today to KZT30 bn, Shalgimbayev said. ($1 = KZT151.25) [2003-03-04]