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Bank TuranAlem arranged long-term financing from Deutsche Bank AG for construction of silicon metal manufacturing plant in Ekibastuz

23.11.2006 / Press-service

It is scheduled to put silicon metal manufacturing plant into operation in the 4th quarter of 2007. The facility of EUR 65 mn in total will be utilized to finance import of equipment, to be installed on plant site, supplied by ThyssenKrupp Mannex GmbH, which is a part of ThyssenKrupp Group - German largest industrial concern.

Today representatives of Bank TuranAlem and Deutsche Bank AG signed the loan agreements. This deal sets new benchmark, as it provides commercial financing of advance payment under the contract for 7-year term, and financing of 85% of the contract amount for 10-year term, under Buyer's Credit covered by German Export Credit Agency - Euler Hermes. The transaction, covered by the government of the Federal Republic of Germany is the largest Hermes deal for Kazakhstan to date. Moreover, Euler Hermes not only issued cover, which exceeded its current limit for one Kazakhstan transaction, but also approved the increase of the overall ceiling for BTA risk from EUR 70 mn to EUR 150 mn. This fact is the evidence of high trust of foreign state financial institutions not only in Kazakhstani financial system on the whole, but BTA in particular.

"Realization of the project on construction of metallurgic plant for production of silicon metal in Ekibastuz, by "Silicium Kazakhstan" LLC together with ThyssenKrupp Mannex GmbH company, is an important event in the framework of the special government program on development of domestic silicon industry. In the view of diversification of Kazakhstan economy, the project represents creation of new industry and will allow Kazakhstan to enter dynamically growing market." –Vladimir Shkolnik, Minister of Industry and Trade of Kazakhstan highlighted the importance of this project for Kazakhstan economy in his letter to Euler Hermes.

The project will create 220 workplaces: 130 on the plant and 90 on quartz deposits in Aktas and Akshoky-III.

Deutsche Bank is a leading global investment bank with a strong and profitable client franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets including CIS countries. With EUR 1,058 bn in assets and 65,435 employees in 73 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people. In 2006 Deutsche Bank AG was awarded with "The Best Bank in International Trade Finance" and "The Best Bank in CIS and Russia" by Trade & Forfeiting Review; and received "Awards for Excellence" as "The Best Forfeiting Institution" and "The Best Trade Bank in CEE, India, Korea, Malaysia and Philippines" from Euromoney Trade Finance.
JSC "Bank TuranAlem" is the core of the financial group, present in all market segments. BTA is the system-making bank of Kazakhstan and the leader in creation of banking network in the CIS countries. As of November 10, BTA's assets exceeded USD 11.8 bn, while its total equity capital exceeded USD 1.6 bn. Among Kazakhstan's second tier banks, JSC "Bank TuranAlem" confidently holds the leading position in trade financing, SME lending and mortgage loans. According to the new strategy for 2006-2015, recently adopted by BTA top-management, the Bank has to become the largest universal commercial bank in CIS. The Bank intends to take the leading positions in Kazakhstan and other CIS markets in corporate and retail banking, SME segment and to increase BTA shares in Kazakhstan market at least up to 25%, at least 2% in Russia, and at least 5% in other countries of presence. It is planned to consolidate the assets and to increase the assets to 25 billion USD till 2010 and to $50 bn USD till 2015. BTA's presence in countries, which Kazakhstan has strong economic ties with - is one of the primary goals of the new strategy.