21:01, 19 May 2014 | GMT +5
Kazakhstan attracts loans from Chinese banks
ASTANA. KAZINFORM - Kazakhstan has attracted loans totaling USD 1.5 billion from two Chinese banks.

Relevant agreements have been signed during the state visit of President Nursultan Nazarbayev to China, the press service of Baiterek holding informs. Export-Import Bank of China will provide "Development Bank of Kazakhstan" JSC (DBK - a subsidiary of "Baiterek" holding company) USD 1 billion for modernization and reconstruction of the Shymkent oil refinery. The loan is allocated on preferential terms as Kazakhstan is a member state of the Shanghai Cooperation Organization. China Development Bank will provide DBK with USD 500 million within the SCO Interbank Association. These funds will be used for projects of non-oil sector of Kazakhstan's economy.