Bank TuranAlem and Islamic Development Bank signed Master Agreement29.08.2007 / Press-service
On August 29, 2007 Vice Chairman of the Management Board of Bank TuranAlem JSC (BTA) Abilakim Zhumakhmetov and Vice President of the Islamic Development Bank (IDB) Amadu Bubakar signed a Master Agreement providing BTA with a USD 50 million 10-year credit facility.
BTA intends to finance raised funds in projects of small and medium-size enterprises, in particular in industrial, agricultural and processing sectors through leasing, installment sale and Istisna financing.
This credit facility is designed to extend terms and cheapen credit resources for SMEs.
According to the Master Agreement between BTA and IDB, BTA will extend loans to its clients to the amount of between USD 300,000 and USD 7.5 million for up to ten years.
This facility is intended to finance transactions of BTA clients to purchase fixed assets both inside and outside Kazakhstan.
"I believe the agreement signed between the BTA and the IDB is just a starting point of our joint projects we will implement in our country. I am convinced that this partnership will be fruitful and mutually beneficial," Abilakim Zhumakhmetov stated at the signing ceremony of the document.