Development Bank of Kazakhstan (KDB) to fund gas turbine power station construction

Kazakhstan, Astana, July 19

The Development Bank of Kazakhstan, will allocate 530 million tenge (3 mln Eu)  to subsidise the construction of the Akshabulak gas turbine power station in the Kyzylorda region, the bank said on Thursday.

The Crystal Management company’s project (borrower) with a total cost of 19.6 billion tenge (104 mln Eu) was funded by the Development Bank of Kazakhstan in 2010. Three gas turbines with a total capacity of 87 MW were commissioned in June 2012.

According to the information, the purpose of the project implementation is to resolve the problem of gas flaring and reduce electricity shortages in the region.

Reducing the debt burden of the project is envisaged under the ‘Improvement of the business sector’ part of the programme ‘Business Road Map 2020’, the report said.

Some loan payments of the Crystal Management Company will be compensated by the programme for three years. The corresponding financing agreement between the bank and the borrower came into force in April 2012.