Screen Reader12/19/2024
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On July 2, 2024, Baiterek National Management Holding and its subsidiary, Development Bank of Kazakhstan, signed several agreements with leading Chinese financial institutions to secure long-term financing for various investment projects. These projects span the agro-industrial complex, infrastructure, manufacturing industry, and green energy sectors.
These agreements aim to strengthen economic ties between Kazakhstan and China and support the sustainable development and modernization of key sectors within the Kazakhstani economy.
A key document signed was the Memorandum of Cooperation with China Construction Bank, providing for project financing worth $700 million. Another Memorandum of Cooperation was signed with China Huadian Overseas Investment Co., Ltd., outlining potential investment cooperation in areas of mutual interest. Rustam Karagoishin, Chairman of the Board of Baiterek Holding, signed these documents on behalf of the holding.
Furthermore, the Development Bank of Kazakhstan (DBK) entered into agreements with prominent Chinese financial institutions. This includes a strategic cooperation agreement with the Astana branch of China Construction Bank, amounting to $500 million. Additionally, a framework agreement with China Development Bank was signed for $250 million and 2 billion Chinese yuan, targeted at restoring over 5,000 kilometers of national highways.
An agreement of intent was also signed between DBK, China Power International Holding, and Industrial and Commercial Bank of China in Almaty. The parties agreed to construct a wind farm with a total capacity of 220 MW in the Akmola region. This project involves building five wind power plants, which will supply the region with environmentally friendly electricity and reduce harmful emissions. The project aligns with Kazakhstan's goal to increase the share of renewable and alternative energy sources to 80% of the country's total energy balance by 2060.
Another significant document was the memorandum of cooperation between DBK, Shijixianghe Asia Pte. Ltd., and Kazakhstan Grain Consortium LLP. This memorandum outlines the construction of the wheat processing plant, capable of processing 1 million tons of wheat per year. The plant is expected to produce high-value products for export to international markets.
The aforementioned agreements were signed during the Kazakh-Chinese Business Council in Astana, held just before the Shanghai Cooperation Organization summit, with Kazakhstan serving as the chairing country this year.
