In 2004 Kazakhstan government will give KZT10 bn. for capitalization of Development Bank of Kazakhstan

/Kazakhstan today, March 19, 04/ - "Development Bank of Kazakhstan has to start its activity in neighboring foreign markets. The competitiveness of the national economy can be achieved through integration into the world economy. Thus, it is important to implement an active measures on WTO joining". It was declared by President Nursultan Nazarbayev today, on 19 March at a joint session of parliament chambers that has opened in Astana. "Achieving new goals it is necessary to increase bank assets using 10 billion tenge from the government," N. Nazarbayev believes. The local bodies - akimats will allocate another part totaling 5 billion tenge, N. Nazarbayev said. As it was reported before, on 2 February at a briefing in Astana by the President of DBK Kambar Shalgimbayev, DBK intends to start is activity in the markets of Uzbekistan, Tajikistan and Kyrgyzstan. As of 1 January 2004 DBK assets made more than 84.2 billion tenge, its own capital - 41,7 billion tenge, obligations - 42.5 billion tenge. DBK net profit made 1.3 billion tenge in 2003. Since establishment (April 2001), DBK approved and financed 20 investment projects totaling $504.8 billion, including DBK participation - $201 million. An average term of the loans is 7-9 years, with 10.4% interest rate. DBK share made 23.6% in overall investments for legal entities of the Kazakhstani bank system. An authorized capital of DBK as of 1 January 2004 is 37.7 billion tenge. [2004-03-19]