Sunday, September 13, 2009

Kazakhstan creates a club of banks

Ministry of Industry and Trade of Kazakhstan to create a club of banks for syndicated loans for major projects in the country, said Deputy Minister Erhat Izcalli at the opening of a seminar on the crisis on Friday in Astana.

"In the near future this club will be created. Had already confirmed their participation in the Savings Bank of Russia, HSBC, Eurasian Development Bank, Development Bank of Kazakhstan", - he said.

In addition, he said, the question of participation in the club decided Russia's VTB. Izcalli invited audience at the seminar representatives of the State Development Bank of China to consider participating in this organization.

"The scheme (of the club) is simple - have to work hard to syndicate the loans to large projects and share risks," - said Izcalli, noting that the proposal for the establishment of the club was put forward by Sberbank.

"One by one, investors are very difficult to be determined on the major projects valued at $ 200-300 million, and when they share the risks - it is quite another project, where everyone is responsible for its own area of work" - he stressed.

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