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Kazyna Fund deposited Funds with Bank TuranAlem to secure stable economic development of Kazakhstan

24.12.2007 / Press-service

Kazyna Sustainable Development Fund JSC has deposited nearly USD81 million with Bank TuranAlem JSC.

Funds were deposited within an agreement signed on December 6, 2007 between the Finance Ministry of Kazakhstan, Astana akimat, Kazyna Fund, Kazakhstan Mortgage Company and second-tier banks. The document is intended to facilitate cooperation within the implementation of a top-priority action plan aimed at stable social and economic development of Kazakhstan.

Funds allocated to BTA have been deposited for three years and earmarked for a specific purpose that is to complete construction projects approved by a responsible government agency. In turn, Kazyna has a right to make inquires about the application of funds. Moreover, banks and development companies are supposed to finance jointly at least 15% of a project. Thus, Kazyna provides 85% of required finances, a second-tier bank - 10% and a construction company - 5%.

Moreover, it was agreed that BTA receives almost USD100 million for SME support program from State Fund for Development of Small Business JSC.

Bank TuranAlem JSC (BTA) is among largest banks and leader in creation of banking network within CIS. According to tentative data, BTA consolidated assets soared by 47.4% over the first nine months of the year making USD24,087 million as of October 1, 2007, capital rose by 2.4 times to reach USD3,614 million. BTA cleared USD487 million profit as of the reporting date, a double year-on-year increase.

BTA operating in the CIS and far-abroad countries is expanding into the CIS. Activities of its strategic bank partners cover Ukraine, 4 regions in Russia, Belarus, Georgia, Armenia, Kyrgyzstan and Turkey. BTA also runs its representative offices in Russia, Ukraine, China and the United Arab Emirates.In Kazakhstan, BTA’s networks consists of 22 branches and 260 cash settlement centers.