Development Bank of Kazakhstan may attract up to 400 mln euros from Banco Santander for major projects

ALMATY. March 20 (Interfax) - The Development Bank of Kazakhstan (DBK) and Spain's Banco Santander have signed a framework cooperation agreement on export financing worth 400 million euros, DBK's press service said.

The agreement was signed during the eighth meeting of the Kazakhstan-Spain Business Council in Madrid, it said.

"Under the agreement, Banco Santander has expressed its intention to provide DBK with financing of up to 400 million euros under the insurance coverage of export credit agencies. The funds will be directed toward financing strategically important projects involving international exporters," it said.

The signed agreement will allow Kazakhstan to "attract advanced technologies, modernize infrastructure, and strengthen international economic ties," DBK said.

Grupo Santander is the largest financial and credit group in Spain, with operations in the UK, Latin America and the U.S. Its key entity is Banco Santander. The headquarters is located in the city of Santander.

The Development Bank of Kazakhstan was established in 2001 and provides financing for medium- and long-term investment projects in production infrastructure and non-resource sectors of the economy, facilitating the attraction of external and internal investment into the country's economy. It is part of the state holding company Baiterek.