OREANDA-NEWS. On February 20, 2008 Kazkommertsbank JSC (Kazakhstan), being a listed company on Kazakhstan stock exchange (KASE), has spread the press release of the next content, reported the press-centre of KASE:

In the course of implementation of measures for support of the interest-holders within the State program for stabilization of social and economical development of Kazakhstan, Kazkommertsbank has accomplished the application of funds, provided by FSD Kazyna for financing the construction objects in Astana, by 103% of planned.

As it is known, on December 6 of 2007, Kazkommertsbank among the other second tier banks, signed the Partnership agreement with the Government of Kazakhstan Republic, Fund for steady development Kazyna JSC and Kazakhstan mortgage company JSC. By this agreement, determined are the measures of implementing the program for stabilization of social and economical development of Kazakhstan, including funding of completion of housing contraction objects in Astana.

Executing the points of the Agreement, Kazkommertsbank performs funding of 16 projects with taking risks on them. In the first quarter of 2008, the bank financed two biggest builders in Astana - BI group and Kuat companies, whose projects were approved by the State commission for modernization of Kazakhstan's economy.

"As of February 1, we completed the plan of financing the construction companies by 103%", - said Sergey Mokrousov, director of the Department of product support in Kazkommertsbank, having noted that both companies are old clients of the bank.

Bazis company, being initially marked for receiving the financial support for completion of building by the bank, does not need funding for their objects in Astana within the State program at present moment. Respectively, fund, received by the bank for financing of their projects, were repaid early to FSD Kazyna JSC.

According to a schedule, the funds of FSD Kazyna JSC are placed in the form of deposit accounts in the bank-participants of the state program on the basis of recurrency and serviceability each quarter. Money, placed on these deposit accounts, cannot be spent for the purposes that are not foreseen by the state program. At the same time, the banks assume all credit risks of the projects, financed by them.

"The whole sum are granted to the construction companies following the schedule, adjusted with the Government and Kazyna", - Mr. Mokrousov comments.

According to the terms of the state program, the banks independently take the decisions about financing the projects of their clients, approved by the government. The interest rate and crediting terms for the construction companies are formed by market and depend on the set of risks, including the entire range of factors - credit history of the borrower, degree of object's completion, sales volumes, price policy of the builder, prime cost of construction, crediting terms etc.

Currently, Kazkommertsbank is preparing to participate in the second part of the state program of interest-holders support, financing their clients - construction companies in Almaty.