On May 22 in the course of Russian President Dmitry Medvedev’s state visit to the Republic of Kazakhstan, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and JSC the Kazakhstan Development Bank entered into an Agreement of Intent to extend a long-term credit line of up to 300 million dollars in Astana.

The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and Kazakhstan Development Bank Board Director Mukan Sagindykov.

The Agreement provides for the period of using the credit line to be up to 2 years and for the repayment period to be up to 15 years. Repayment is to be made by equal half-year installments. The credit is to be used to finance purchases of Russian industrial equipment and implement joint projects by Russian and Kazakh companies in the Republic of Kazakhstan.

Under the Agreement Vnesheconombank affirms its readiness to submit an issue of extending a long-term credit to the Kazakhstan Development Bank for consideration by the State Corporation’s relevant bodies. The credit is to be used to implement projects aimed at integrating the Russian and Kazakh economies and not running counter to the Law “On Bank for Development,” Vnesheconombank’s Memorandum on Financial Policy, the Law “On the Kazakhstan Development Bank” and the Memorandum on the Kazakhstan Development Bank’s Credit Policy.

Under the Memorandum on its Financial Policy the Bank for Development is responsible for providing financial and guarantee support for Russian companies’ industrial exports including extending state guarantees to Russian exporters of industrial products.

Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 608-46-93, Fax: +7 (495) 975-21-34
E-mail: press@veb.ru