KEGOC announces signing of a non-arm’s length Credit Line Agreement for 2021-2022 between KEGOC and Forte bank.
Loan Agreement No.4805-KZ dated 22 November 2005 (hereinafter referred to as ‘the Loan Agreement’) was signed between KEGOC and International Bank of Reconstruction and Development to implement "Construction of Second Transmission Line 500 kV of North-South Kazakhstan Transit” investment project under the sovereign guarantee.
On 18 November 2005, the Ministry of Finance of the Republic of Kazakhstan (hereinafter referred to as ‘the Ministry’), KEGOC and Development Bank of Kazakhstan signed Sovereign Guarantee Agreement No. 7 MBR 035e (hereinafter referred to as ‘the Agreement’) to provide the sovereign guarantee. Pursuant to clause 4.15 of the Agreement, the Borrower represented by KEGOC shall provide the Guarantee to the Ministry annually by 15 December of the year preceding the period covered by the Guarantee. Under Clause 1.5 of the Agreement, the Guarantee is the Guarantor Bank's obligation to the Ministry for repayment of the State Guaranteed Loan in the event the Borrower fails to pay the amount due under the Loan Agreement. According to Clause 1.6 of the Agreement, the Guarantor Bank is the second-tier bank of Kazakhstan or the foreign bank providing the Guarantee.