China Development Bank may give a $3 bl loan to Samruk-Kazyna National Welfare Fund.

Anar Umarova, the vice president of the Development Bank of Kazakhstan (subsidiary of Samruk-Kazyna), said that during the recent visit of Kazakh President Nursultan Nazarbaev to China a memorandum of understanding was signed between Samruk-Kazyna National Fund and China Development Bank.

"In pursuance of this agreement China Development Bank will consider a possibility of providing a large sum of money, probably up to US$3 billion, to Samruk-Kazyna. The money will then go to the Development Bank of Kazakhstan," she told a Wednesday press conference in Astana.

She also reminded about the recent US$5 billion loan agreement between Samruk-Kazyna and Export-Import Bank of China. This money will be used to finance purely Kazakhstan''s projects and joint Kazakh-Chinese projects, she said.

"After the president''s visit to China Kazakhstan may get about US$ 8-9 billion in the next two years," she said.

Development Bank of Kazakhstan was organized in 2001. The bank finances medium and long-term investment projects in infrastructure and non-resource sectors.