OREANDA-NEWS. September 24, 2008. In the course of the Russian-Kazakh summit on border cooperation attended by Russian President Dmitry Medvedev and Kazakh President Nursultan Nazarbaev, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ signed an Agreement on the General Terms of Opening a Credit Line for the Kazakhstan Development Bank.

The credit line in the amount of up to 300 million US dollars with a repayment period of up to 15 years is of targeted nature – funds will be made available to implement joint projects on the territory of the Republic of Kazakhstan, the projects provide for the export of Russian companies’ industrial products and services. The two sides are to jointly make decisions on financing each specific project.

This Agreement resulted from the cooperation between the two financial institutions within the Shanghai Cooperation Organization Interbank Consortium.