Kazakhstan Chamber of Commerce in the USA

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Kazkommertsbank receives $130 million to fund stalled construction projects

Posted on October 13, 2011 by Alex
(SRI) – Kazkommertsbank has received a third KZT19.3 billion ($130 million) tranche of government funding to finance stalled construction projects in Astana and Almaty, the bank said in a statement on Thursday.

The funds will be used to fund residential construction by Global Building Contract (GBC), a joint venture between the state-owned holding and investment company Samruk-Kazyna and Kazkommertsbank. GBC has been set up in 2009 to finish the construction of several major residential development projects started by Kuat, once Kazakhstan’s largest construction company which had collapsed in the aftermath of the credit crunch in 2007. The company, whose executives have been accused of massive fraud, had halted work at a number of sites in Almaty and Astana.

Kazkommertsbank has already received two tranches worth KZT20 billion ($135 million) and KZT14.7 billion ($99 million) in December 2009 and November 2010, respectively.

SOURCE: http://silkroadintelligencer.com/2011/10/07/kazkommertsbank-receives-130-million-to-fund-stalled-construction-projects/

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