Small-scale Business Development Fund to issue bonds in January 2005

/IRBIS, October 26, 04/ - The information below is translated abstract of REUTERS news. State owned Small-scale Business Development Fund (the Fund) of Kazakhstan plans to issue 50year domestic bonds in January 2005 for a total of KZT 3.0 bn or $22.7 m. The funds raised will be directed to crediting of small-scale businesses. The Fund must receive a financial agency status to receive a right to issue corporate bonds. The Fund has already submitted all corresponding documents to supervision agency. The Fund was created in April 1997 as non-banking financial organization in the form of joint-stock company. Primary activities - loans to small scale business. The Fund operates over loan agreement with European Bank for Reconstruction and Development and Asian Development Bank. Loan portfolio of the Fund as of October 1 totaled KZT 14.979 bn, authorized capital - KZT 4.740 bn. ($1=KZT 132.29) [2004-10-26]