China to allocate over $1 billion to Kazakhstan

The appropriate arrangements have become guaranteed agreements, signed in the presence of heads of Kazakhstan and China during the state visit of President Nursultan Nazarbayev to China, the business web-portal Kapital.kz reprots, citing the national holding company Baiterek’s press centre.

The Export-Import Bank of China will provide $1 billion to the Development Bank of Kazakhstan for the modernization and reconstruction of the Shymkent refinery. The loan is allocated on preferential terms, as a member state of the Shanghai Cooperation Organization. The agreement was signed by Chairman and President of the Export-Import Bank of China Li Zhogu and Chairman of the Development Bank of Kazakhstan’s Board of Directors and Chairman of national holding company, Baiterek Kuandyk Bishimbaev in the presence of heads of Kazakhstan and China. Besides, the China Development Bank will provide $500 million to Development Bank of Kazakhstan under the Interbank Association of the Shanghai Cooperation Organization. These funds will be used to finance projects of the non-oil sector of the Kazakhstan’s economy.