DBK finances export operations of ArcelorMittal and Glencore International daughter companies in Kazakhstan
ASTANA. KAZINFORM JSC Development Bank of Kazakhstan which is a daughter company of JSC National Management Holding Baiterek has announced financing of JSC ArcelorMittal Temirtau and LLP Kazzinc export operations to the amount of 16 bln 2 mln tenge.
The loan will be provided on concessional terms under Nurly Zhol New Economic Policy program for supporting Kazakhstan export. In particular, the 5-year 10 bln tenge loan has been provided to JSC ArcelorMittal Temirtau, subsidiary company of JSC ArcelorMittal, for purchase of raw materials and their processing. 6 bln 200 thousand tenge have been allotted to LLP KazZinc, subsidiary of Glencore International, for a 3-year period to produce and export metallic zinc. The terms of financing export operations were approved by the Government of Kazakhstan on April 23, 2015 in order to support Kazakhstani exporters. Six projects worth 31 bln 200 mln tenge have already been funded as of Sep 1, 2015.