OREANDA-NEWS. October 11, 2011. Kazkommertsbank has received a third KZT19.3 billion tranche of government funding to finance completion of Kuat's unfinished construction projects by the Global Building Contract project company ("the Company"), reported the press-centre of KASE.

The project company has completed the following Kuat's projects: "Grand Alatau" in Astana, "Ush-Tobe", "46th block" and "29th block" in Almaty. The proceeds of this tranche will be used to complete construction of the remaining unfinished Kuat's projects: "2nd block", "20th block" and "42nd block" in Almaty. It is expected that this final part of the development will be completed by the end of 2012.

The funds have been provided to the bank as a deposit by the Distressed Assets Fund. The first KZT20 billion and the second KZT14.7 billion tranches were received in December 2009 and November 2010, respectively.

At present, put into operations the majority of complexes constructed by Kuat: "Grand Alatau" in Astana, "Ush Tobe", "46th block" and "29th block"in Almaty.