Kazakhstan Development Bank adopts new strategy

ASTANA. KAZINFORM - The Board of Directors of Development Bank of Kazakhstan adopted a new strategy covering the period from 2014 to 2023, the bank's press service reports.

In accordance with the key performance indicators (KPI), the bank's loan portfolio will be boosted up to KZT 2.6 trln by 2023 while it totaled to KZT 379 bln at the end of 2013.

The volume of projects and investment programs financed by the bank should increase from KZT 1.3 trln to KZT 4.4 trln within 10 years. The share of loans should make up to 75% of the total assets, the report says.

"The updated strategy of Kazakhstan Development Bank meets the challenges of Kazakhstan's economy and goals of the next five-year plan of the country's industrial and innovative development. Development Bank of Kazakhstan accounts for boosting the share of local currency loans, improving lending conditions for investment projects. Ultimately, the bank should become a financial institution offering the best financing in tenge and one of the largest banks in Kazakhstan by assets. The bank aims to turn into the main agent in our country to attract long-term and low-cost loans for corporate customers," Acting Deputy Chairman Askar Dostiyarov said.