Kazakhstan's Baiterek Holding to finance car production project
By Aynur Jafarova
Kazakhstan's Baiterek National Managing Holding will finance a project on production of the Toyota Fortuner cars in the Kostanai city.
The news was announced by Chairman of the Board of Baiterek
Kuandik Bishimbayev on June 12, Trend Agency reported.
"The production of licensed Japanese cars is of great importance
for the development of the national car industry, the technology
transfer and creation of new jobs," he said. "As a result of
financing this project, the Kazakh citizens will get the
opportunity to buy cars assembled in their country."
Kazakh President Nursultan Nazarbayev launched Toyota car
production project in Kostanai on June 12.
The subsidiary of the Baiterek JSC, Kazakhstan Development Bank JSC
and the Saryarka AvtoProm LLP have signed an agreement on financing
the project worth $58.43 million. Some $45 million (77 percent) of
this amount fell to the equity of Kazakhstan Development Bank.
Baiterek National Managing Holding was established in 2013. The
purpose of establishing the holding was to promote the development
and diversification of the economy, to attract investments and
improve the corporate governance system in its subsidiaries.
Kazakhstan will manufacture the Peugeot automobiles in the country as well. The production of the Peugeot automobiles is planned to be carried out at industrial sites of the AgromashHolding JSC in Kostanai.
AgromashHolding was the first to start producing SsangYong Kyron, and SsangYong Actyon in Kazakhstan.
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