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Banks

Russia's VEB to lend $3 bln to Kazakh state fund

MOSCOW, Feb 5 (Reuters) - Russian state-controlled bank VEB has agreed to open a $3 billion credit line for up to 10 years to Kazakh state welfare fund Samruk-Kazyna, 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 within the framework 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. (Reporting by Tanya Mosolova; Editing by Erica Billingham)

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