OREANDA-NEWS. November 29, 2010. Kazkommertsbank has commenced financing Global Building Contract, the design company, as part of utilizing the second government tranche amounting to KZT14.7 bn, to complete the troubled projects of Kuat corporation, reported the press-centre of KASE.

The purpose of the second tranche is financing construction of the 2nd, 20th and 42nd blocks of mega-complex Sairan in Almaty; the first phase is supposed to be commissioned by December of this year, the rest - in 2011.

The government funds have been put at the bank by the Stress Assets Fund as a savings deposit, i.e. on returnable and payable basis. The bank, according to the Memorandum, concluded in May, 2009 between Fund Samruk-Kazyna, Almaty akimat, Kuat corporation and Kazkommertsbank, takes on all the risks related to the construction completion and repayment of funds to the government.

The first tranche to the amount of KZT20 bn, received by Kazkommertsbank  in December 2009, was used for completion of multifunctional apartment blocks (MAB) "46th quarter", "29th quarter" of the mega-complex Sairan, of the residential complex Ush-Tobe in Almaty, MAB Grand Alatau in Astana, and also for designing and other preparatory works with regard to other complexes.

The deadlines are very strict, but we have experience of completing the residential complex Ush-Tobe in October 2010. We will now follow the clear plans", - said B. Sauranbaev, Director of design company Global Building Contract.