Baiterek NH finances Toyota Fortuner production in Kostanay

President of Kazakhstan Nursultan Nazarbayev attended the launching ceremony of the Toyota Motors project within the framework of the 27th plenary session of the Foreign Investors Council in Borovoye resort on Thursday. Subsidiary of Baiterek NH JSC - "Development Bank of Kazakhstan " JSC and "SaryarkaAvtoProm" LLP (Kostanay) have signed an agreement on financing the project worth USD 58.43 million, 77% of which (USD 45 million) are funds of the Development Bank of Kazakhstan. Production of Toyota Fortuner will be carried out via CKD assembly including welding and painting of the body. 3,000 vehicles of the popular SUV brand are expected to be assembled at Kostanay-based SaryarkaAvtoProm plant annually. The expected tax revenues will reach USD 3.17 million. Moreover the new production will create 500 new jobs for local population. CKD assembly cheapens the final cost of cars, and increases the share of local content in the production up to 50%. "Production of licensed Japanese cars is of great importance for the development of the domestic auto industry, technology transfer and creation of new jobs", said the Chairman of the Board of "Baiterek" National Holding Kuandyk Bishimbayev.