Kazakhstan Development Bank to fund 14 major projects

The bank’s contribution may reach 2.6 trillion tenge as part of initiatives that lay the foundation for future metallurgical and agro-industrial clusters to boost high-tech processing within the country. Total investment across all projects is estimated at 6.9 trillion tenge.

The bank approved the development of the first phase of the metallurgical cluster in Pavlodar region. In particular, the ferrosilicon plant will be built in Ekibastuz by Mineral Product International with a capacity of 80,000 tons per year. It is expected to enhance domestic processing, increase export potential, create 527 permanent and over 1,000 temporary jobs.

The hot briquetted iron (HBI) plant project will be developed by QazIron (ERG) in Kostanay region to produce premium feedstock for green, blast furnace-free metallurgy. It is projected to employ nearly 3,000 specialists.

All selected projects meet strict requirements, namely, minimum investment up to 100 billion tenge with medium to high product processing level, strategic importance, export orientation and import substitution.

The Government included 17 major projects worth 16 trillion tenge that are expected to create over 28,000 jobs in the list. The projects embrace ferrous and non-ferrous metallurgy, petrochemicals, automotive, tourism, and food industries.

Two projects have already been launched: the KIA car manufacturing plant and the multibrand plant for Chery, Haval, and Changan cars. The remaining 15 are being developed.

It is worth reminding, Kazakhstan and China advance USD 200 mln cement plant project in Aktobe region.