16.07.2010 Kazakhstan ratified loan agreement between Kazakhstan and IBRD
The head of state, Nursultan Nazarbayev, signed the law on ratification of the loan agreement between the Republic of Kazakhstan and the International Bank for Reconstruction and Development (IBRD), the agency reports citing the president's press service.
As informed earlier, according to the Minister of Finance of Kazakhstan, Bolat Zhamishev, "$1 billion loan has been given to Kazakhstan with 25 year repayment, including a three-year grace period and an interest rate LIBOR plus a variable spread for each period. A one-time commission is paid under the rate of 0.25 % of the loan."
"The loan will be given in the form of a single tranche after this agreement comes into force. This money will be used to finance deficit of the republican budget of 2010," the minister informed.
