S&P affirms ratings of Kazkommertsbank, Nurbank and AsiaCredit Bank; outlook changed to Stable

S&P affirms ratings of Kazkommertsbank, Nurbank and AsiaCredit Bank; outlook changed to StableStandard & Poor’s Ratings Services said today it revised its outlooks on Kazakhstan-based Kazkommertsbank (JSC) (KKB), JSC Nurbank, and JSC AsiaCredit Bank to stable from negative. At the same time, the long- and short-term counterparty credit ratings on the banks were affirmed. We also assigned our ‘kzBB+’ Kazakhstan national scale rating to Nurbank.

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Kazakhstan gears up to issue first sukuk

Kazakhstan gears up to issue first sukukKazakhstan has resumed work toward issuing the first sukuk out of the CIS, although bankers stress that the issuance will take some time. The Kazakh Ministry of Finance, according to Malaysian bankers, may most likely opt to issue a debut Sukuk Al-Ijarah in the region of $300 million for benchmark purposes.

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Learning from the Past while Preparing for the Future

Learning from the Past while Preparing for the FutureKazakhstan is to strengthen its trade and investment links with high growth Asian economies, according to Karim Massimov, prime minister. He notes that infrastructure links between Kazakhstan and China, in particular, are rapidly expanding. The improved infrastructure links should spur growth and development in Kazakhstan. “They will not only reinforce existing trade channels,” he says, “but also serve as conduit to open new markets for Kazakhstan.”

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We will exert every effort to maintain competitive enterprises – Head of Kazakhstan Development Bank Gali Iskaliyev

We will exert every effort to maintain competitive enterprises - Head of Kazakhstan Development Bank Gali IskaliyevThe Development Bank of Kazakhstan is one of the major participants of the Kazakh Government’s anti-crisis program. It aims to promote sustainable economic growth of our country. To date the DBK is one of the main operators of financing new industrial projects. Head of the Bank Gali Iskaliyev told about the work which had already been performed in this direction and shared the plans for the future in an interview to Kazinform.

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