OREANDA-NEWS. September 23, 2009. Kazkommertsbank (Almaty), the listed company of Kazakhstan Stock Exchange (KASE), provided to KASE the following press release, reported the press-centre of KASE:

Kazkommertsbank allocated KZT2.4 bn (US15.9 m) from own resources to continue hypothecary loans refunding based on NWF Samruk-Kazyna terms. The bank intends to increase the interest rate for 400 borrowers, who was behind the time of hypothecary loans refunding within the government program.

Samruk-Kazyna hypothecary loans refunding program goal is to decrease the global crisis impact and tenge devaluation on borrowers. Due to successful drawing by Kazkommertsbank of government funds in the size of KZT24 bn 5921 borrowers, including 1491 social and budget sectors employees reduced hypothecary loans cost as rates were decreased to 9% for government workers and 11% - for others.

Continuing hypothecary loans refunding already at the expense of own resources Kazkommertsbank plans to refund  not less than 400 borrowers, left behind within the program of Samruk-Kazyna.

Adil Batyrbekov, Kazkommertsbank Managing Director:

"We are satisfied with the government program results, which had a positive effect for our clients, banks and the economy. We received more application than we could satisfy at the expense of Samruk-Kazyna funds, therefore we decided to continue refunding of those borrowers, who meet the government program basic criteria, but at the expense of our own funds. Decreased interest rates will help our clients to continue serving loans in Kazkommertsbank.

At present the bank considers a possibility for launching the new hypothecary loans refunding program till the end of this year based on own terms.