Kazkommertsbank organized the largest in the history of the country syndicated loan for $85 mn to Food contract corporation of Kazakhstan

/Kazakhstan today, December 18, 03/ - Kazkommertsbank organized the largest loan to agricultural entity of Kazakhstan, KKB informed KZ-today. According to the information of KKB, Food Contract Corporation attracted a syndicated loan for $85 mn from international banks for pre-export financing of kazakhstani grain of 2003 harvest. For the first time in the history of Kazakhstan banking sector the organizer of international loan was a local bank - Kazkommertsbank. Co-organizer of the loan was a leading French bank - Societe Generale. Syndicate includes - Rabobank, Natexis, BMCE, Garantibank, HSBC, BCEN, EBRD. The largest loan in agricultural sector of Kazakhstan was given for 9 months and is entitled to be used in purchasing of 1 mn of grain from Kazakhstani producers under state food program and its further export. "Thanks to Kazkommertsbank we entered international financial market and a number of international banks gives us loan at lower interest, and this is two times cheaper than borrowing in Kazakhstan", - Ruslan Azimov, the president of the Food contract corporation, commented on the deal. For Kazkommertsbank this deal is a unique debut in adaptation of a new banking product, which until recently could be provided only by western banks. "Such product exists now, and we can offer it to our Kazakhstani clients", - Nina Zhussupova, the chairman of the National bank said, - " We are bringing money of largest western banks into the country under our name and goodwill". "Such syndicated loans are the cheapest way of financing our Kazakhstani manufacturing enterprises. The most important fact is that Kazkommertsbank acted either as organizer and local agent, representing western banks", - Magzhan Auyezov, a managing director of Kazkommertsbank added. Minority shareholder of Kazkommertsbank is European Bank for Reconstruction and Development, nearly 28% of shares are circulating in international stock exchanges. Food contract corporation CJSC - is a national company, whose mission is to provide security against shortage of foodstaffs in the country. It is also the main purchaser and exporter of grain. The corporation represents interest of Kazakhstan in international grain organizations. [2003-12-18]