Bank of China to allocate KZT 5 bln to Kazakhstan's Baiterek Holding

"All these agreements are aimed at implementation of 45 industrial projects which are currently studied by Kazakhstani and Chinese industrial companies", Bishimbayev said to the journalists. According to him, the abovementioned funds will be used as direct investments, equity investments or as loans, whose interest rates are expected to be much lower compared to those existing at the market. Baiterek Holding was established by the Presidential Decree as of May 22, 2013 for the purpose of diversification of economy, attraction of investments, development of clusters and improvement of corporate management system in its daughter organizations. Bank of China ranks among the top five largest Chinese banks and top twenty world banks. It has 13 thousand divisions in China and 550 representative offices in 25 countries of the world. The official visit of the Kazakh President to China will last till September 3. On Thursday the Head of State is expected to partake in the Beijing military parade dedicated to the 70th anniversary of Victory of Chinese people in the war against Japanese.