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Astana: Bank TuranAlem plans to participate in construction financing of ‘Radisson Iberia’ hotel in Tbilisi, oil refinery in Rustavi, several hydropower stations and tourist complexes in Ajaria

13.01.2006

Bank TuranAlem plans to participate in construction financing of new oil refinery on the territory of Georgia. In one month’s time business-plan and investment proposition for construction will be prepared. International consortium of Kazakhstan and Georgia will be investing the project. Other participants of consortium are being discussed.

The project will cost 350 million USD, will start already in 2006 and will take three years to complete. Refinery’s products will be realized in Georgia.

Except oil processing, BTA invests into hydro energy, construction and tourism industries. In Tbilisi BTA invested 150 million USD into real estate. Reconstruction and construction of tourist establishments in Ajaria will cost approximately 200 million USD. ‘Kazakhstan gained a lot of experience in different spheres of economy and we are ready to invest our economic knowledge into other countries of CIS’ – noted Mukhtar Abliyazov, Chairman of the Management Board of Bank TuranAlem after meeting with President of Georgia. ‘Important is the fact that Kazakhstan financial institutions matured enough to participate in international consortiums. We are able to develop the business outside the country’ – he continued.

President of Georgia, Michael Saakashvili, pointed that ‘Kazakhstan is becoming a major player in Georgia’s market. And BTA has become a pioneer in Georgia’s economy.’ According to him, Georgia welcomes ‘BTA’s participation in the process of privatization in Georgia’.

‘We are a supporting structure’ – explained Chairman of the Management Board of JSC ‘Bank TuranAlem’, Mukhtar Abliyazov. ‘It will be easier for Kazakhstan companies to enter international markets, when the Bank finds common language with governments and presidents. We follow the clients, go with them and sometimes in front of them, in order to create platform for their work.’

Two-side negotiations between President of Georgia, Michael Saakashvili and Chairman of the Management Board of JSC ‘Bank TuranAlem’ were held on Wednesday, 11 January, in Astana and were dedicated to active participation of Kazakhstan companies in the process of privatization in Georgia.