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IDB keen to finance N Kazakhstan business projects

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11:11 05.07.2012
text: Kazinform
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Akim (head) of North Kazakhstan region Serik Bilyalov met with a delegation of the Islamic Development Bank the other day in Petropavlovsk, Kazinform has learnt from akim's press service.

President of Goldhein Investments Limited David Varagyan, Samir Taghiyev, Coverage Manager, Central Asia and CIS, Islamic Development Bank and Vice President of AKA Group Maksat Akatayev were a part of the delegation.

The goal of the meeting was to conclude long-term contracts on financing of the economic and social projects in the region.

The Islamic Development Bank is an international financing institution that functions based on laws and principles of Shariah.

According to Serik Bilyalov, positive surge has been registered in all sectors of region's economy. Upon results of the last six months industrial output saw a 7% increase and amounted to KZT 53 billion. SME were provided with KZT 30 billion in loans. 30 investment projects worth KZT 42 billion are implemented within the Industrialization Map initiative in the region. Six projects totaling to KZT 7 billion are to be completed this year.

The head of the region talked about the work done in the agro-industrial complex and especially emphasized positive dynamics in grain production and beef farming.

At the meeting the sides discussed a number of projects that Islamic Development Bank could finance. Serik Bilyalov stressed the necessary documents would be prepared within ten days and reps of North Kazakhstan enterprises would come to the IDB office in Almaty to make presentations of the projects.

The akim of the region hopes that cooperation between North Kazakhstan enterprises and the IDB will strengthen their production potential and boost economic development of the region.