The loan portfolio of Kazakhstan Development Bank will grow annually by USD 120-140mn, the bank President Shalgimbaev revealed. At present the loan portfolio amounts to USD 223mn, incl. USD 127.2mn under 14 investment projects and USD 95.3mn – under 11 export transactions. In total, the bank received 162 applications for financing of investment projects and export transactions amounting to USD 2.8bn.

Shalgimbayev emphasized that the bank would grow dynamically however adhering to the conservative credit policy.

The bank was set up in 2001 with equity of USD 200mn for long-term financing of large projects in priority sectors of economy. The regional administration bodies and government are the only shareholders of the bank.

The bank net profit was registered at USD 13.4mn in 2002, or 2.6 times more y/y. The bank assets amounted to USD 378mn, or 2 times more y/y. In year 2003, the bank plans to earn the same net profit as last year.

(IntelliNews 21.vii.03)