Kazyna Fund deposited Funds with Bank TuranAlem to secure stable economic development of Kazakhstan24.12.2007 / 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.