Bank TuranAlem clients will be participating in national projects in Kyrgyzstan08.11.2006 / Press-service
Huge interest of Bank TuranAlem's clients in doing business in Kyrgyzstan was the cause of the meeting of BTA representatives, Mukhtar Ablyazov, Chairman of the Board of Directors, and Yerlan Tatishev, Member of the Board with Kurmanbek Bakiyev, the President of Kyrgyzstan and Daniyar Usenov, vice- Prime-Minister of Kyrgyzstan. Purpose of the trip to neighboring republic was to discuss the process of financing of Kyrgyzstan economy by the Bank and to receive government support and political guarantees, necessary for realization of projects of such scale.
President of Kyrgyzstan welcomed Bank's shareholders and clients' intents to finance economic programmes in the republic. He pointed out that foreign investors who will create new workplaces and launch new businesses will receive government support in every way.
Mukhtar Ablyazov told Kurmanbek Bakiyev about Bank's CIS strategy and let him into plans of Bank's clients in Kyrgyzstan, which economy is interconnected with Kazakhstan. In opinion of many Kazakhstan and foreign businessmen and investors, Kyrgyzstan has good grounds for attraction of investments – democratic monetary and tax law.
"National projects of Kyrgyzstan gain more clear and precise plans of realization. They are interesting to Bank's clients, and with government support they become more attractive. The only problem seems to be land laws. If in Kazakhstan land as a subject of purchase and sale, without any limitations of citizenship, is attractive to investors, in Kyrgyzstan only residents of the country can buy land. This fact significantly limits Kyrgyz economy." – considers the head of Kazakhstan largest bank.
Kazakhstan financial sector has significantly developed for 15 years of country's independence. Work of banks and bankers' mentality took a qualitative leap. Their activity outside the country creates necessary preconditions for integration of Kazakhstan economy to world economy. In Kyrgyzstan BTA will participate in tenders and various contests, finance mortgage lending, leasing services, and take part in projects directed at development of mining industry, agriculture, biotechnologies, communications, banking and tourist infrastructure.
Realization of must be held under market conditions. Not all of the planned projects will be realized. The Bank does not invest; it performs as an organizer, helping its clients to reach their goals.