Bank TuranAlem arranged long-term financing from Deutsche Bank AG for construction of silicon metal manufacturing plant in Ekibastuz23.11.2006 / 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.