The Development Bank of Kazakhstan (subsidiary of JSC National Managing Holding "Baiterek", hereinafter - the Bank) granted guarantees of up to $37.8 million for the period of two years and 11 months in respect of services of AAEngineering Group LLP to construct a gold recovery plant in the Kyrgyz gold deposit of Jerui, a press service of the Development Bank of Kazakhstan informs.
The Bank's guarantee is valid for the commitments of AAEngineering Group to the customer for the construction of the plant with infrastructure facilities and tailing management, as well as the return of the advance payment of the customer upon default.
The deal is remarkable as the Bank has granted its first bank guarantee in regard of services as a whole, and particularly services exports. Secondly, the deal also engages our sister organization - KazakhExport, that has ensured insurance coverage of the Bank's guarantee. We are glad to use the synergy of Baiterek Holding's subsidiaries to develop non-primary exports of Kazakhstan, as well as services exports of engineering companies of Kazakhstan," said Vladimir Lee, a senior banker of the Customer Directorate.
A gold recovery plant at the Kyrgyz deposit of Jerui with a capacity of 1.3 million of ore processing a year will come into use in 2020.
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