OREANDA-NEWS. April 20, 2009. Kazakhtelecom (Astana), a company listed on Kazakhstan Stock Exchange (KASE), presented KASE with a press release, reported the press-centre of KASE:

On April 16, 2009 in Beijing as the head of state Nursultan Nazarbaev visited China a Cooperation agreement between Kazakhtelecom and Huawei Technologies was signed.

The document was signed by Kazakhtelecom Chairman Askar Zhumagaliev and Vice-president of Huawei Technologies Vu Zhuo. The Agreement aims to create preliminary conditions necessary for large scale financing of prospect telecommunications projects in the Republic of Kazakhstan by Chinese financial institutions, with Kazakhtelecom and Huawei Technologies involved.

On April 15, 2009, Kazakhtelecom, Bank of China and Huawei Technologies signed a three-side Memorandum of understanding.

The Agreement specifies Huawei Technologies is ready to raise in 2009-2010 up to USD200 m. for financing projects jointly with Kazakhtelecom. Meanwhile, the Kazakhstan side noted joint projects volumes will be determined on a competitive basis in accordance with the Rules. Accordingly, determination of detailed conditions and financing volumes will be subject of individual agreements between Kazakhtelecom and Chinese partners.

Kazakhtelecom chairman Askar Zhumagaliev emphasized that use of funds raised by Huawei Technologies will allow for Kazakhtelecom implementing large projects on the long-term basis. This will facilitate further modernization and development of telecommunications infrastructure of Kazakhtelecom, and enlargement of a services range.