OREANDA-NEWS. On November 14, 2007 Kazkomemrtsbank JSC (Almaty), being the listing company of Kazakhstan stock exchange (KASE) had provided KASE with the press-release of next contention, reported the press-centre of KASE:

Almaty - Leader of banking system of the country and Export-Import bank of China had signed the two-side credit agreement in size of $34 m. for financing of import of telecommunication equipment of leading Chinese producer Huawei Technologies Co., Ltd. for new GSM operator in Kazakhstan Mobile Telecom Service LLP.

Agreement was signed on November 8 in Astana with presence of deputy prime-minister Mr. Umirzak Shukeyev and deputy prime minister of China's State council Ms. U I in the frames of fourth session of Kazakhstan-Chinese committee for cooperation, which is the main coordinating body of cooperation between two countries.

In accordance with terms of credit agreement financing will be provided to Mobile Telecom Service LLP with aim of further development of network as GSM operator of RK under brand "NEO" with application of technical and distributional base of Kazakhtelecom JSC.

It is notable that Eximbank of China according to the deal would provide the credit for 7 years' term with flexible schedule of payment of main debt, oriented on terms of generating of profit by the given project.

Kazkomemrtsbank have the many years' experience of work with many export-credit agencies and Eximbanks all over the world, and with enclosing of credit agreement with Eximbank of China we are widening the geography of business connections, opening  new possibilities for clients of bank working with Chinese partners. Terms of financing of Eximbank of China are profitable for clients both from point of view of terms and cost of financing", - the managing director of Kazkommertsbank JSC Magzhan Auezov told during the ceremony of signing.

Geographical nearness, long common borders of China and Kazakhstan and as consequence, rapid growth of commodity turnover between our countries create the needed conditions for close cooperation of Kazakhstan banks with banks of China. First credit agreement of Kazkommertsbank and Export-Import bank of China will start the mutually beneficial cooperation between tow banks on long term and profitable basis, the participants of agreement announced.

Mobile Telecom Service LLP is the new GSM-operator in Kazakhstan, providing its services under trade mark "NEO". Licenses for provision of cell connection services of Mobile Telecom Service company are covering whole territory of Kazakhstan. Commercial start of network had taken place on February 14, 2007. For today network of the company covers 45 cities of Kazakhstan. Widening of network is making rapidly: to the end of year 2007 company plans to provide 84 cities and settlements with connection.

Eximbank of China - state financial institution of China was created for assistance to international trade. Main mission of Bank is financial support of export of Chinese goods and services of high technological fields to foreign markets, maintenance of state policy in industry, external trade and economy.

Huawei Technologies - world leader in the field of decisions for networks of new generation connection. 31 from 50 largest world operators are the clients of the company. Total amount of users exceeds 1 billion people. Huawei develops the equipment and decisions for networks of wire and wireless connection, data transfer networks, and also applications, software and terminals. Major part of products is created on the basis of micro-schemes ASIC of own development, using the united platform.

Kazkommertsbank - largest private financial institution in CIS (by ranking of Interfax agency) with assets exceeding $23 bn. by non-audited data as of September 30, 2007. In the end of year 2006 Kazkommerstbank conducted the IPO on London stock exchange. Bank stays the largest credit of real economy sector of Kazakhstan. Since the beginning of current year volume of loans to clients minus reserves for devaluation increased by 52,4% and made $18,276.