The Development Bank of Kazakhstan has signed a preliminary agreement for a loan of up to 2 billion yuan, equivalent to approximately $300 million. The funds are intended to finance projects in priority sectors of Kazakhstan's economy, including joint initiatives with China, according to infohub.kz.
The agreement with China Construction Bank Corporation Astana Branch on preliminary terms for opening a credit line of up to 2 billion yuan was signed during an investment forum. According to the DBK, the final financing parameters, including the amount, interest rate, and terms, are not yet known — negotiations are ongoing.
The raised funds are planned to be directed toward financing capital-intensive projects in priority sectors of Kazakhstan's economy — energy, industry, and transport, including joint Kazakh-Chinese projects. The allocation of funds will occur as specific projects are approved.
At the same time, the DBK noted that several large projects with Chinese participation are already being implemented. In particular, the bank financed the construction of a 70 MW solar power plant park by VIGOR Holding. The largest shareholder of this company is Dinara Uldanova, a top manager associated with structures of Kazakh billionaire Vladimir Kim.
Also under consideration are applications for the construction of a 300 MW solar power plant by Sauran Solar Power and a 500 MW wind power plant by Karaganda Wind Power. The bank's portfolio also includes a number of other projects at various stages of consideration, implemented with the participation of companies from China.
China Construction Bank Corporation Astana Branch is a branch of one of China's largest banks, China Construction Bank, registered in the Astana International Financial Centre.
Earlier it was reported that Baiterek and Samruk-Kazyna will direct $27 billion into Kazakhstan's economy.