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Business news, 24.03.2006 15:32

Kazakhstan ratifies development bank deal with Russia

kazakhstan_development_bank Kazakhstan's parliament Thursday ratified an agreement with Russia to set up a development bank to help boost investment across the former Soviet Union.

The countries signed an agreement to create the Eurasian Development Bank on January 12 in the Kazakh capital, Astana. Under the agreement, the bank will have authorized capital of $1.5 billion, 33% of which will belong to Kazakhstan and the remainder to Russia.

The bank will be based in former Kazakh capital Almaty - still the country's business center - and have a branch in St. Petersburg, Russia's second city.

The bank's charter gives it immunity from prosecution, except in actions unrelated to its operations. It will also be exempt from any taxes, dues, duties and other charges, except payments for specific services.

The agreement has been passed to Kazakh President Nursultan Nazarbayev for his signature.

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