Bank TuranAlem Backs Cement Plant Construction Project in Kyzyl-Kiya24.08.2007 / Press-service
On August 23, 2007, Executive Director of Bank TuranAlem JSC (BTA) Yerbol Shaymakhanov and Director General of South Kyrgyz Cement CJSC Jan Fischer signed a Guarantee Agreement of financing of a construction project of Kyzyl-Kiya cement plant in Kyrgyzstan.
The Bank backs a $70 million loan South Kyrgyz Cement CJSC borrowed from Eximbank of China.
Construction of Kyzyl-Kiya cement plant is a maiden Kyrgyz project approved within a cheap credit facility of the Chinese government for member nations of the Shanghai Cooperation Organization (SCO).
At the signing ceremony of the document, the parties stated that the agreement marks a milestone in the development of mutually beneficial coop between Kyrgyzstan and Kazakhstan.
The initial capacity of the facility makes nearly 930,000 tons of cement annually and design capacity is 2 million tons annually. The project is treated a priority for Kyrgyzstan as it enables to completely satisfy all cement needs in southern Kyrgyzstan (almost 60% of the total output) and export products to Central Asian countries (40%).