Russia's VEB to lend $3 Billion to Samruk-Kazyna
Russian state-controlled bank VEB has agreed to open a $3 billion credit line for up to 10 years for Kazakhstan’s Samruk-Kazyna Sovereign Wealth Fund, VEB said on Thursday.
VEB, which was entrusted by the Russian government to dispatch state funds to help Russian companies refinance foreign debt, said it signed a memorandum on understanding with Samruk-Kazyna on Thursday.
"VEB is going to participate in financing foreign trade contracts as part of Russian-Kazakh investment projects on Kazakh territory," VEB said.
Samruk-Kazyna is a state holding which unites Samruk, a firm running large state-owned companies, with Kazyna, an umbrella structure for state-owned financial institutions. The holding is charged with distributing Kazakhstan's crisis rescue package, Reuters reports.