Nov. 30 (Bloomberg) -- OAO Sberbank, Russia’s biggest lender, will help finance $3 billion of projects and organize debt issuance by the Kazakh national rail monopoly to expand in the Central Asian country.
AO Kazakhstan Temir Zholy, the rail company, Sberbank and its Kazakh unit signed a memorandum of cooperation today in Astana, the capital of the Central Asian nation, the companies said in a joint statement.
“This is the first time we’ve signed an agreement on financing projects for such a large amount outside Russia,” Sberbank Chief Executive Officer German Gref told reporters. “We’re expanding our presence on Kazakhstan’s market.”
The bank will help to fund Temir Zholy’s infrastructure and investment projects, including building and servicing locomotives, according to the statement.
--With assistance from Yuliya Fedorinova in Moscow. Editors: Torrey Clark, Andrew Langley
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