German Commerzbank AG increases credit line in favour of Kazakhstani Nurbank to EUR20 mn

/Kazakhstan today, December 5, 03/ - The largest German Commerzbank increases the amount of credit line, open to Nurbank OJSC, in compliance with framework agreement signed on December 4, 2003 on providing long-term borrowings to this Kazakhstani bank for a total amount of EUR20 mn. Nurbank informed KZ-today. As mangers of Kazakhstani bank explained, borrowed funds Nurbank will use to finance long-term foreign trade projects it has undertaken for 5 to 7 years, in particular, to finance import of a contemporary equipment from member countries of Organization for economic cooperation and development, which unites 30 industrially developed countries. This is the second framework agreement concluded by two banks. The first one, which provided for EUR10 mn was successfully worked out and as a result Nurbank had financed a number of projects on equipment purchase from Germany and other Western European countries. The amount of loans granted to clients will be not less than $500 ths per borrower. In addition, Nurbank representatives stated that clients' projects will secured by insurance coverage of world's leading export credit agencies, such as "Euler Hermes" (Germany), "SACE" (Italy), "US Eximbank" (the USA), "Gerling-NCM" (the Netherlands) and other. By results of 11 months of 2003 bank's assets totaled to KZT50 bn, Shareholder's quity - KZT8.7 bn, loan portfolio and clients deposits - nearly KZT32 bn accordingly, net income - KZT804.1 mn. [2003-12-05]