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McClatchy-Tribune  07/26/2014 12:01 AM ET
Kazakh Baiterek National Holding sums first six months of year [Trend News Agency, Baku, Azerbaijan :: ]

July 26--The board of directors of Baiterek National Holding considered the results of the activity of the holding and its subsidiaries in the first six months of 2014, holding said on July 25.

"As of the first six months, according to the preliminary unaudited data, the amount of the holding's assets totaled 2,113,449 million tenge," according to the statement. "The holding's income amounted to 73.775 million tenge, net profit -- 11.851 million tenge."

The key events of Baiterek group of companies as of six months are as follows: approval of the holding development strategy for 2014-2023, the launch of the program supporting small and medium-sized business in the manufacturing industry, the definition of the mechanism of financing the construction of the real estate facilities as part of EXPO-2017, as well as the assignment of credit rating from international rating agency BBB + (stable outlook).

Following six months, a group of companies of Baiterek holding issued 7,179 housing loans amounting to 32.7 billion tenge, financed 15 projects worth 54.3 billion tenge, launched six projects worth 46.8 billion tenge, and supported 17 export transactions worth 1.7 billion tenge.

The financed projects include those envisaging the increase of car production licensed by Toyota, construction of a rail and beam plant in Aktobe, rolled steel producing plant in Kostanai, as well as leasing transactions for the organizing house-building combines and etc.

Additionally, around 2,287 borrowers of small and medium-sized businesses have received 169 billion tenge, and creates as many as 10,032 new jobs. At the same time, Baiterek Venture Fund with capitalization of up to 9.1 billion tenge has been created under the holding.

"The Board of Directors, for its part, reviewed the information on using the funds allocated from the National Fund of Kazakhstan. To date, around 13 second-tier banks have approved some 290 projects (totaling 71.473 billion tenge) of the small and medium-sized business in the processing industry," the message said.

Baiterek National Managing Holding was established in accordance with a decree of the Kazakh president dated May 22, 2013. The purpose for establishing the holding was to promote the development and diversification of the economy, attract investments and to improve the corporate governance system in its subsidiaries.

The holding includes the Development Bank of Kazakhstan, Investment Fund of Kazakhstan, Housing Construction Savings Bank of Kazakhstan, Kazakhstan Mortgage Company, KazExportGarant, DAMU Entrepreneurship Development Fund, National Agency for Technological Development, Kazakhstan Mortgage Guarantee Fund, Kazyna Capital Management and etc.

The official exchange rate on July 25 is 183.5 tenge/$1.

Edited by CN


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