OREANDA-NEWS. June 15, 2011. As part of the events timed to coincide with a meeting of the SCO Interbank Consortium Council, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Joint Stock Company The Kazakhstan Development Bank signed an Additional Agreement to the Agreement on the General Terms of Opening a Credit Line, which was concluded on September 22, 2008.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of the Kazakhstan Development Bank - by Management Board Chairman Nurlan Kusainov.

The parties intend to continue cooperation in financing projects providing for supplying Russian products including industrial goods, works and services to the territory of the Kazakh Republic.

An Additional Agreement was concluded to build on the Agreement signed earlier on the General Terms of Opening a Credit Line worth up to 300 Million US Dollars and it demonstrates Vnesheconombank’s readiness to provide financing both in US dollars and in Russian rubles as well as to increase the period of using the credit line.

The implementation of the agreements would help to promote Russian industrial exports, enhance economic ties between Russia and Kazakhstan as well as expand the use of Russian currency in servicing and funding foreign economic activity.

JSC The Kazakhstan Development Bank was established in 2001. The Bank is responsible for assisting the state in developing Kazakhstan’s competitive non-raw materials economic sector. The National Wealth Fund Samruk Kazyna is the Bank’s sole shareholder.

The financial institution’s activity is aimed at streamlining government investment activity and increasing its efficiency, developing industrial infrastructure and manufacturing industry, helping to raise foreign and domestic investments for the country’s economy. The Kazakhstan Development Bank is involved in implementing large-scale projects’ in the following top-priority sectors: power engineering, transport, smelting industry, chemical, petrochemical and pharmaceutical industries, oil refining and mechanical engineering.