OREANDA-NEWS. September 3, 2007.  Vice Chairman of the Management Board of Bank TuranAlem JSC (BTA) Abilakim Zhumakhmetov and Vice President of the Islamic Development Bank (IDB) Amadu Bubakar signed a Master Agreement providing BTA with a USD 50 million 10-year credit facility.

BTA intends to finance raised funds in projects of small and medium-size enterprises, in particular in industrial, agricultural and processing sectors through leasing, installment sale and Istisna financing.

This credit facility is designed to extend terms and cheapen credit resources for SMEs.

According to the Master Agreement between BTA and IDB, BTA will extend loans to its clients to the amount of between USD 300,000 and USD 7.5 million for up to ten years.

This facility is intended to finance transactions of BTA clients to purchase fixed assets both inside and outside Kazakhstan.

"I believe the agreement signed between the BTA and the IDB is just a starting point of our joint projects we will implement in our country. I am convinced that this partnership will be fruitful and mutually beneficial," Abilakim Zhumakhmetov stated at the signing ceremony of the document.

Bank TuranAlem JSC is among biggest banks in the CIS with an extensive banking chain. As of June 30, 2007 its consolidated assets made $23,966 million ($16,340 million at the end of 2006), equity capital totaled $2,379 million ($1,532 million respectively).

BTA operating in the CIS and far-abroad countries is expanding into the CIS countries. Activities of its strategic bank partners cover Ukraine, 4 regions in Russia, Belarus, Georgia, Armenia, Kyrgyzstan and Turkey. BTA runs its representative offices in Russia, Ukraine, China and the United Arab Emirates.

In Kazakhstan, BTA chain embraces 22 branches and 249 cash settlement centers.

Islamic Development Bank, IDB is an international financial organization designed to foster economic development and social progress of its member countries and Islamic communities of its non-members in accordance with the principles of shari'ah.

IDB was set up on October 20, 1975. Headquartered in Jidda (Kingdom of Saudi Arabia) it operates regional offices in Rabat (Morocco), Kuala Lumpur (Malaysia). IDB also runs a representative office in Almaty City.