OREANDA-NEWS. July 27, 2009. Alliance Bank (Almaty), the listed company of Kazakhstan Stock Exchange (KASE), informed KASE that Alliance Bank signed the credit agreement with the construction company Ait Housing Complex. Within the agreement the bank allocated to the company KZT16.5 bn at 12.5% APR for the Axelkent housing complex construction completion in Almaty, reported the press-centre of KASE.

Funds were received from NWF Samruk-Kazyna within the Plan of joint actions of the Government, the National Bank and the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations on stabilizing the economy and the financial system for 2009-2010, approved by resolution of the Government of the Republic of Kazakhstan of November 25, 2008 # 1085.

At the first phase, by March 2010 the company plans to complete construction of 42 blocks, including 1,198 apartments for individuals, previously participated in the construction. The construction of all 58 housing blocks will be completed in March 2011. Within the crediting will be constructed 4,220 apartments.

It is planned that after the construction completion Alliance Bank will act as the hypothecary loans operator in this complex. Hypothecary loans will be issued for 15 years at 10.5% APR.