OREANDA-NEWS. On February 02, 2009 Kazkommertsbank announced that it received KZT 120 billion from the SamrukKazyna National Welfare Fund on January 30, 2009, reported the press-centre of Kazkommertsbank.
 
The amount includes a KZT36 billion six month deposit which is expected to be used for the acquisition of a 25% stake in the Bank by SamrukKazyna during this period. The remaining amount of KZT84 billion is deposited for 36 months and will be used in line with the anti-crisis programme of the Government to finance and re-finance the corporate clients of the Bank in the real sector of the economy: manufacturing, agriculture, infrastructure, oil and gas, and transport.
 
The terms of the deposits enable the Bank to decrease current interest rates for its borrowers.
 
Procedures to monitor the use of proceeds will be determined together with SamrukKazyna within the next two weeks.
 
Kazkommertsbank has been selected by the Government of Kazakhstan as a partner in implementing measures to support the economy during the global financial crisis. Earlier, on January 15, 2009 SamrukKazyna National Welfare Fund signed agreements with the Bank and its major shareholders on cooperation in the framework of the government stabilisation programme.