Corporation on crediting of goods of the US Agriculture Department has increased credit line for Kazakhstan Bank CenterCredit OJSC to USD2.9 m

/IRBIS, March 6, 03/ - Bank CenterCredit OJSC (Almaty), has spread press- release yesterday, which says that Corporation on crediting of goods of the US Agriculture Department had increased credit line for trade financing on the program GSM for Bank CenterCredit from 2.1 to 2.9 m US dollars for 2003. At the moment the bank has used already general credit limit in the amount of USD1.0 m for presenting guarantees on any type of supplies of agricultural production from the USA. The program was realized with the help of Deutsche Bank, Germany. By the moment there have been used USD917,112.70 from total sum of the limit, unused rest - USD1,982,887.30. This is the Program of the American government on financing of import of agricultural production from the USA. The program provides opening of the letter of credit within the framework of credit line through Deutsche Bank in favor of American supplier. Payment of the letter of credit will be made by Deutsche Bank to the direct supplier. The program GSM is the program of guarantees of export credit of the US Ministry of agriculture (the US MA), which is oriented in financing of import of foodstuffs and agricultural products on condition of deferred payment. Programs GSM-102 and GSM-103 guarantee payments from authorized foreign banks, as a rule, to those US financial institutions, which five them credits fore American agricultural goods import. Lessening of risk for US financial organizations may be lower interest and commission for financing. Bank CenterCredit has been successfully working at agriculture crediting market for long time. Within 2002 loans, which were given to agriculture, were KZT3.2 bn (almost 7%), that is higher than previous year's level by KZT1.3 bn. [2003-03-06]