OREANDA-NEWS. September 21, 2009. Islamic Development Bank (IDB) established in favor of Nurbank, Kazakhstan, USD10 mln credit line for 10 years.

“Today, we have signed an agreement with IDB on establishing of USD 10 mln credit line for 10 years with 3-year grace period. The average interest rate equals 10-12% p.a.”, - informed Mr. Marat Zairov, Chairman of Nurbank, at the press conference in the press center of Interfax-Kazakhstan last Tuesday.

According to his words, these funds will be invested in agricultural projects and food processing spheres. Within this credit line IDB provides direct financing for purchasing of equipment and other capital assets under import and local contracts in the Republic of Kazakhstan.

Nurbank continues high level cooperation with Islamic Development Bank and its affiliated organizations:

In April, 2009 Nurbank has signed an agreement with International Islamic Trade Finance Corporation (ITFC) for opening 1 year 5 mln USD credit line in favor of Nurbank for trade finance contracts.

In June, 2009 Nurbank signed an agreement with Islamic corporation for the insurance of investments and export credits (ICIEC) for cooperation in insurance of export credits and investments.

Nurbank is a core business of financial group - Nurgroup. At present, Nurgroup includes JSC “Nurbank”, JSC “PF Atameken", JSC "IC" Nurpolis ", JSC “Money Experts”, JSC "OOIUPA "Nur-Trust", LLP "SC JSC "Nurbank" Leasing Company "Nur Leasing".

According to the unaudited consolidated Bank’s financial statements as of 01.09.09 the Assets of the Group have made KZT 305,246 bln, net profit – KZT 1,767 bln.