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Presentation
November 2006
Contents
Investment highlights
Business overview and financial highlights
Appendix – Macroeconomic overview of Kazakhstan
2
Strong growth propelled Alliance Bank into
Kazakhstan’s top tier bank group
Total assets
Time deposits
USD mm
Market share
USD mm
Market share
Bank TuranAlem
11 350
21.9%
Halyk Bank
Kazkommerzbank
10 828
20.9%
Bank TuranAlem
12,1%
Kazkommerzbank
Halyk Bank
ALB
ATF Bank
Bank
CenterCredit
6 271
5 281
ALB
10.2%
4 635
Bank
CenterCredit
9.0%
4 044
ATF Bank
7.8%
Total capital
Market share
Bank TuranAlem
988
Kazkommerzbank
Halyk Bank
ATF Bank
ALB
Bank
CenterCredit
807
637
394
2 898
2 229
2 007
USD mm
Market share
22.2%
Kazkommerzbank
17.1%
Bank TuranAlem
15.4%
Halyk Bank
8 815
25.0%
7 465
21.2%
4 117
11.7%
3 868
11.0%
1 082
8.3%
1 075
8.2%
ATF Bank
2 969
8.4%
8.0%
Bank
CenterCredit
2 704
7.7%
1 045
ALB
Banking sector total: 13,030
Banking sector total: 35,328
Retail time deposits
Retail loan portfolio
Banking sector total: 51,706
USD mm
Loan portfolio
USD mm
Market share
USD mm
Market share
20.1%
Bank TuranAlem
1 086
20.7%
16.4%
Halyk Bank
1 057
19.1%
Halyk Bank
13.0%
Kazkommerzbank
17.0%
Bank TuranAlem
1 324
13.5%
8.0%
Bank
CenterCredit
12.4%
Kazkommerzbank
1 300
13.3%
9.8%
Bank
CenterCredit
5.8%
ATF Bank
350
7.1%
ALB
273
5.6%
ATF Bank
Banking sector total: 4,914
841
633
547
302
Banking sector total:
5,585
1 880
ALB
1 708
17.4%
938
9.6%
781
Banking sector total:
19.2%
8.0%
9,802
Source: Published unaudited financial statements (in accordance with Kazakhstan Accounting Standards) as at 30 September 2006
1 USD = KZT 127.22, as at 30 September 2006
* Excluding Development Bank of Kazakhstan
3
Contents
Investment highlights
Business overview and financial highlights
Appendix – Macroeconomic overview of Kazakhstan
4
Corporate
Banking
SMEs
Retail
Banking
The success is driven by a clearly defined
strategy focusing on an innovative retail
banking franchise

Widest distribution network, including channels developed through
partnerships

Highest margin opportunities

Consumer finance is driver of retail growth

Focus on market share gains through innovation

Loan approval procedure based on an innovative scoring system

ALB’s historical niche/focus

Quantitative creditworthiness assessment methods based on scoring

Leveraging strong position in regions

Cooperation with EBRD

Non-interest income
generating business
Expansion of ALB’s client base
‘000
Corporate (incl. SME)
Retail
1000
12.7
800

Flexible pricing
600

Advanced financial products
400

Cross-selling of corporate
finance services and
products
200
0
933.8
8.9
3.7
38.8
5.9
71.8
216.9
2003
2004
2005
30 September
2006
Source: Alliance
5
The strength of ALB’s business is underpinned
by the continued expansion of the Bank’s own
distribution network
As of 30 September 2006,
Alliance has 19 branches and
135 cash centres.
Numbers of branches and cash centres
200
150
100
50
0
Branches and cash centres of ALB
176
Cash centres of ALB
Planed branches of ALB
9
16
2003
9
25
56
16
2004
2005
Branches
Cash cent ers
21
2006E
6
The extensive branch network is
complemented by a successful strategic
partnership with Kazpost JSC
To date, the Kazpost programme
has generated approximately USD
292mm in loan and advances
through more than 180,000 loans
(incl. USD 234.9mm as of 30
September 2006)
 Opportunity to offer products (deposit
taking and lending services) in remote
locations without costly overhead
35
30
25
20
15
10
5
0
20
15
10
5
0
Oct '04
Nov '04
Dec '04
Jan '05
Feb '05
Mar '05
Apr '05
May '05
Jun '05
Jul '05
Aug '05
Sep '05
Oct '05
Nov '05
Dec '05
Jan'06
Feb'06
March'
Apr'06
May'06
Jun'06
Jul'06
Aug'06
Sep'06
–
Kazpost’s 4,000 outlets provide the
widest country coverage (compared
to 600 outlets of the widest banking
network)
25
USD (millions)
–
Monthly lending volumes through
Kazpost JSC
Loans granted (000)
 In 2004, ALB entered into a strategic
alliance with Kazpost – national post
monopoly
Number of loans
Amount
Source: Alliance
Kazpost’s share in ALB’s retail lending
portfolio as at 30 September 2006
Retail loan portfolio
Lending through Kazpost
13.7%
 Access to rural areas (i.e. more than
40% of the population)
 Important first mover advantage due to
considerable barriers to entry
86.3%
 Commission based cooperation
Source for both graphs: Alliance
7
The partnership with distribution partners and
an innovative product range further illustrate
Alliance Bank’s leadership
 Based on the positive experience with Kazporst, ALB
started using similar arrangements with credit
brokers for distribution of retail and SME loans
Composition of originators of express
loans illustrates the importance of
financial agents as of 30 September 2006
Current cooperation with 15 credit brokers increases
ALB’s distribution network by over 1,000 outlets, of
which six are affiliated
Trade
partners
7%
Kazpost
20%
 Approximately 1,500 partnership arrangements with
major retailers of furniture, household appliance,
universal trade houses, mobile phones, consumer
electronics and car dealers (trade partners)
Total number of ALB’s trade outlets
reached nearly 6,500 as of 30 Sept 2006
Alliance
Bank
network
24%
 As of 30 September 2006, retail “Express”
loans amounted to 63% of the retail loan
portfolio
4,000
1,452
 Volume of loans issued through credit
brokers totalled USD 271mm
1,000
0
Source: Alliance
Credit
brokers
49%
 Clients pay a flat fee of 9.0% to the agents
1,000
Credit brokers
2,000
3,000
Trade part ners
4,000
–
The agents keep 2.5% – 3.0%
Kazpost
Source: Alliance
8
The issuance of payment cards is another
prospective trend of Alliance Bank’s retail
business




ALB is the second bank in Kazakhstan
to issue chip payment cards
Principle membership of MasterCard
ALB will focus on credit cards issued to
customers who have successfully
repaid cash loans
Upgraded from an Associated to a
Principal VISA Member
ALB payment card issuance since launch
of the card project in March 2004
50 000
40 000
30 000




Establishment of loan limits for salary
projects
Access to card account by means of
Internet and telephone
communications
Establishment of a discount system,
allowing cross-selling with retailers
Introduction of new card system
Compass Plus
By the end of 2006, ALB plans to start
distributing American Express Cards
– Will address demands of
Kazakhstan’s highest net worth
individuals
16 891
20 000
10 000
1 780
4 433
8 200
0
Payment cards development plan

43 449
1H2004
2004
1H2005
2005
30 Sept.
2006
Source: Alliance
ATM network strategy


ALB started establishing its own ATM
network at the beginning of 2006
ALB intends to increase the number of
its own ATMs up to 800 by 2007
9
Alliance Bank’s impressive overall growth is
financed by a very supportive shareholder
Shareholder structure as of 30 September
2006 (voting common shares)
USD mm
Minority portfolio
investors
500
Free float – Central
Depositary of
Securities
30%
27,1%
350
400
19,5%
Management
Shareholder support comes in form of
strong capitalisation of the Bank
300
2,9%
6,4%
71,2%
Seimar
Alliance
Financial
Corporation
14,8%
200
10,2%
100
0
13,3%
21,7%
245
152
11,1%
25%
*
20%
13,0%
15%
*
10%
9,0%
37
5%
0%
2003
Total capital
2004
2005
30 Sept 2006
BIS Tier 1 CAR (%)
BIS Total CAR (%)
Note: According to BIS
*Unaudited, according KAS
Seimar Alliance Financial Corporation
 Largest private equity investor in Kazakhstan
founded in 1991 and currently focusing on
financial markets (ALB, Alliance Policy, Alliance
Leasing)
 Annual turnover of more than USD 1,000mm
 On 25 February 2006, the FMSA has approved
Seimar’s request for obtaining Banking Holding
status
 Seimar plans to further increase its stake in ALB
Related party lending is low
18%
20%
15%
15%
12%
9%
10%
5%
3%
3%
3%
3%
0%
2003
2004
2005
30 Sept 2006
*
Loans to related parties (%) shareholders' equity
Loans to related parties (%) loan portfolio
*Unaudited, according KAS
10
Sources of funding are well balanced
Concentration declines as number of
deposits grows
Growth of the deposit base by currency
USD mm
USD mm
29,0%
700
600
500
400
300
200
100
0
21,0%
16,0%
607
167
68
2003
2004
Retail deposits
300
6,2%
2005
*
30%
25%
20%
15%
10%
5%
0%
-5%
30Sept 2006
1 600
1 400
1 200
Foreign currency time deposits
KZT time deposits
Foreign currency demand deposits
KZT demand deposits
1 000
177
800
893
84
600
400
200
0
Top 10 depositors (% of total liabilities)
189
54
315
622
160
107
61
155
2003
2004
2005
34
307
*
30Sept. 2006
*Unaudited, according KAS
*Unaudited, according KAS
Note: (incl. demand deposits)
Funding mix 30 September 2006
Breakdown of international borrowing
– 30 September 2006
Due to fin. instit.
35,1%
Lo cal bo nds
5,1%
Euro bo nds
26,9%
2,4%
31,4%
Current acco unts/custo mers depo sits
P erpetual bo nds
3,4%
2,8%
Eurobonds
9,3%
2,7%
*Unaudited, according KAS
Interbanks
48%
Repo securities
18,4%
Perpetuals
3,3%
Shareho lders' equity
6,6%
Due to IFO
4,8%
Syndicated loans
REPO operations
Other (incl. due to NB K, due to IFI)
*Unaudited, according KAS
11
Alliance Bank’s market share gains have
been driven by growth in lending
Growing exposure to retail borrowers
leads to further diversification
Strong loan portfolio and assets growth
USD mm
6 000
100%
5 281
5 000
3 868
4 000
3 000
197 323
370
831
*Unaudited, according KAS
45,30%
1.1%
2,20%
3,20%
14,70%
10,40%
2,70%
6,4%
4,9% 8,80%
*Unaudited, according KAS
47
45
30
38
26
25
2003
2004
2005
30 Sept.
2006
0%
*
2005
30 Sept. 2006
Total assets
Loan portfolio sectoral diversification
1.6%
45
47
20%
1 346
2004
Loan portfolio
27
40%
0
2003
17
44
60%
2 488
2 000
1 000
9
80%
Individuals
Construction
Wholesale
Services
Real estate
Industry
Transportation
Other
Retail trade
Agriculture
Financial leasing
Corporate customers
*Unaudited, according KAS
SMEs
*
Retail customers
Loan portfolio concentration–Top 10
borrowers as % of the total loan portfolio
30%
23,7%
18,5%
20%
18,0%
12,7%
10%
0%
2003
2004
2005
*
30 Sept. 2006
*Unaudited, according KAS
12
Momentum of Alliance Bank’s growth
comes from the dynamic retail banking
business
Retail time deposits are also becoming
significantly more important
Rapidly growing loan portfolio
USD mm
USD mm
2 000
25%
600
1 600
20%
500
1 200
15%
19%
8%
800
415
79
19
0
2003
10%
3%
2%
400
1 880
2004
Retail loans
5%
*
10%
7,7%
400
8%
5,6%
300
547
3,4%
200
66
0
2%
160
0%
2003
2004
Retail time deposits
2005
30 Sept 2006
Retail loan market share (%) *
6%
4%
283
100
0%
12%
9,8%
2005
30 Sept 2006
Retail deposit market share (%) *
Dynamics of ALB’s market share gains in retail lending are unmatched by its
competitors *
Position
2003
2004
USD mm
30 Sept
2005
2006 Bank
Banking system
Market share, %
2003
2004
2005
30 Sept
2006
844.7
2 343.8
5 028.7
9,801.6
2003
2004
2005
30 Sept
2006
100
100
100
100
10
8
5
1
ALB
22.5
78.6
415.4
1 879.9
2.3
3.4
8.3
19.2
2
3
1
1
Halyk Bank
148.3
543.8
1 203.6
1 708.3
17.6
23.0
24.0
17.4
1
1
2
3
Kazkommerzbank
219.2
569.3
893.1
1 323.9
26.0
24.3
17.8
13.5
2
2
3
4
Bank TuranAlem
155.6
363.1
649.3
1 300.0
18.4
15.5
12.9
13.3
4
4
4
5
Bank CenterCredit
78.1
156.4
526.3
938.0
7.7
6.9
7.4
9.6
65
162.7
373.7
780.5
2.7
4.6
6.5
8.0
5
4
6
6
ATF Bank
* In accordance with KAS (unaudited)
13
Unique consumer finance model helps to
manage quality and growth of the retail
loan portfolio
Consumer finance scoring model is, unlike in
Russia, based on confirmed income (through
State Pension Payments Center)
 Most emphasis is placed on the criteria based on the
data obtained from database of the SPPC:
− Employment
Credit issue procedures through
distribution channels
Credit broker
ALB
Opening of electronic application
Application analysis on the basis of
scoring
− Change of employer during last year
 Frequency of pension contributions and the following
data is calculated:
− Average monthly salary
Refusal
Positive decision
Automatic documents composition:
Bank loan agreement, repayment
schedule…
Documents stamping, Client signing
− Ratio of revenue (confirmed) to requested loan
amount
− Maximum allowable loan amount
Approval of application
Loan granting
Transfer of client’s file
Automatic cash transfer to client’s
account
In June 2006, ALB started to insure express loans using an innovative model
2
Bank
3
1
 ALB grants loan to client
Insurance
company
4
7
6
Client
Collector bureau
5
 ALB simultaneously insures loans at insurance
company with one-time commission of 5%
 Insurance company, in case of overdue, pays
client’s principal debt with accrued interest and
accepts right to demand from client
 Insurance company applies to an independent
collector bureau to return uncollected debt
14
The SME market is Alliance Bank’s historic
niche
 SMEs are benefiting from supportive macroeconomic
environment and demand for services
ALB continues to command a leading
position in SME financings
 There are approximately 460,000 registered SMEs
 SMEs have been most active in wholesale and retail
trade, services and agricultural sectors
USD mm
 As at 30 September, 2006,168,130 small legal entities
were registered in Kazakhstan
1 000
1 200
600
 Employed 551,982 people, and
400
 Generated net revenues of $1.3billion in 2005
200
 Start-up/expansion financing to SMEs (generally from
$50k up to $3mm)
Loans to SMEs in Kazakhstan
USD bn
6,0
1,0
5,0
1,0
0,7
4,0
0,6
3,0
0,1 0,1
0,1
4,4 5,1
2,0
0,1 0,1 0,1
3,6 4,1
3,1
2,8
1,0 1,4 1,6 1,9 2,1 2,2 2,4
0,0
Jan- Apr- Jul- Oct- Jan- Apr- Jul- Oct- Jan- Apr- May- Se
04 04
04 04
05 05
05 05
06 06 06
pt06
SME
Entrepreneurs
20%
15%
800
 Of which 48,739 were active,
 At the end of September 30, 2006, SMEs accounted or
30% of ALB’s loan portfolio (20.7% market share)
25%
21%
1160
8%
633
5%
15%
10%
5%
94
185
2003
2004
0
0%
2005
ALB's loans to SMEs
30 Sept. 2006
ALB's SME loans market share (%) *
* In accordance with KAS (unaudited)
ALB’s loans to SMEs by sector as at 30
September 2006
27%
18%
8%
7%
39%
Services
Other
Trade
Construction
Production
Source: National Bank of Kazakhstan
15
Although the principal focus of corporate
banking is on the SME sector, Alliance Bank has a
number of important corporate clients






Client base primarily includes companies,
“upgraded” from SMEs
Major source for non-interest income and
deposit taking synergies
Large national companies (”blue chips”)
among clients
Minimal dependence on oil-related
industries
ALB’s growing balance sheet increases its
capability to fund larger corporate projects
Full range of products (“One-package
credit solutions”):
– Leasing
– Receivables financing
– Commercial paper (primary and
secondary discounting)
– Sophisticated investment projects
(structuring and financing)
– Structured finance (including preexport and post-financing with
international counterparts) and
acquisition finance
Loans to corporates
USD mm
1 000
967
800
600
400
350
200
0
100
156
2003
2004
2005
30 Sept.2006
Non-interest income from corporate
clients
70
60
50
40
30
20
10
0
USD mm
66.1 *
49,6
25,6
6,2
8,4
2003
2004
2005
30Sept2006
*Annualized
16
Despite high growth, the quality of the loan
portfolio continues to improve
Loan portfolio classification
2,0%
1,6%
2,3%
Loss
Doubtful
Unsatisfactory
2004
2005
30 Sept 2006
1,5%
0,5%
1,6%
1,1%
1,8%
2,3%
22,6%
Sub-Standard
24,2%
36,0%
72,9%
65,2%
69,7%
Standard
0%
20%
•Increasing ratio of standard loans
has resulted from increasing
insurance of express loans
•Overdue loan amount is calculated
on the outstanding dues on loans
(starting from the 1st day of
delinquency)
•Classified loans differ from overdue
by its approach/method of
calculation
40%
60%
80%
Retail and SME’s loans provide strong
profitability with low overdue
amounts as at 30 September 2006
Weight of
overdue
loan amount
in each loan
portfolio
Average
interest
rates, %
p.a.
Retail
0.6
25
SME loans
0.4
15
Corporate
1.0
13
17
Improving loan quality allows for lower
provisioning
6%
4,8%
4,6%
5%
4%
4,1%
4,2%
3,70%
3,30%
3%
2%
1,27%
0,9%
1%
0,80%
0,6%
0,0%
0,1%
0%
2003
2004
Overdue loans % gross loans
Provisions % gross loans (excl. accrued interest income)
2005
30 Sept 2006
Net written-off loans % gross loans
•Sharp decline in NPLs from 4% to 2.4% and write-offs from 0.9% to 0.1% between
2003 and June 30, 2006 was a result of the new, risk oriented policies of ALB
•Provisions /NPLs comprises 176%
•According to Kazakhstan Accounting Standards, NPLs are calculated on non-accrual
loans (“blocked loans”) starting from 30th day of delinquency
18
Focus on retail and SME businesses ensures
high margins ...
Interest rates in retail
Banking sector average lending margins
25%
20%
18,3%
17,6%
19,2%
10,4%
10,1%
8,2%
2004
2005
Average interest on retail time
deposits
Interest rates in corporate and SME
13%
11%
12,5%
9%
7,8%
12,5%
11,8%
13,2%
14,7%
12,9%
7,4%
6,4%
5%
2003
2004
2005
Average interest on corporate loans
19.4% 18.3% 17.8% 17.6% 17.5% 19.2% 17.6% 25.0%
SME loans
16.4% 13.0% 15.0% 12.5% 14.7% 13.2% 14.3% 14.7%
Corporate loans
13.1% 12.5% 12.3% 11.8% 12.3% 12.6% 12.1% 12.9%
Net interest margin
12,6%
6,8%
7%
Retail loans
Note: “SecA” stands for Kazakhstan’s banking sector average
Source: National Bank of Kazakhstan for SecA, Alliance for ALB
Source: Alliance
13,0%
30-Sept-06
30Sept2006
Average interest on retail loans
15%
2005
9,6%
5%
2003
2004
SecA ALB SecA ALB SecA ALB SecA ALB
15%
10%
2003
25,0%
30Sept2006
Average interest on SME loans
Average interest on time deposits of legal entities
8,0%
Net interest margin
6,0%
Net interest income as % of average
interest earning assets
4,6%
7,0%
4,8%
*
3,7%
4,0%
*
1,7%
2,3%
2,0%
1,7%
0,5%
0,0%
2003
* Annualized
2004
2005
30 Sept. 2006
Source: Alliance
19
... and improved profitability, particularly
this year
Non-interest income grew steadily
USD mm
440
400
360
320
280
240
200
160
120
80
40
0
Net income
USD mm
50
Interest income
49,3*
Non-interest income
40
350,0
30
20
132,2
28.0
6,6
46,6
11,3
35,4
2003
2004
2005
37,0
10
71,0
1,4
2003
30 Sept. 2006
12,0
5,8
0
2004
2005
30 Sept. 2006
* Annualized
Cost / income ratio
ALB’s profitability continues to grow
60%
52%
2003
2004
2005
30 Sept. 06*
ROAA
0.6%
0.9%
0.9%
1.4%
ROAE
7.4%
8.7%
7.3%
18.3%
51%
50%
40%
40%
29%
30%
20%
2003
2004
2005
30 Sept. 2006
* Annualized
Period of high expansionary investments is almost over,
which should further enhance profitability
20
Contents
Investment highlights
Business overview and financial highlights
Appendix – Macroeconomic overview of Kazakhstan
21
Kazakhstan’s macroeconomic indicators
compare favorably with similarly rated peers
Real GDP growth is well above the median
level of BBB peers
%
10
2004
2006F
A surplus of 5% of GDP is expected in 2006,
while the median surplus of peers is 0.2%
%
2008F
2004
2006F
2008F
8
6
8
4
6
2
0
4
-2
2
-4
-6
0
Kazakhstan BBB Romania Russia Croatia Bulgaria Tunisia Mexico
(BBB-) Median (BBB-) (BBB) (BBB) (BBB) (BBB) (BBB)
Low levels of general government debt
% of GDP
75
2004
2006F
2008F
60
45
30
15
0
Kazakhstan BBB Romania Russia Croatia Bulgaria Tunisia Mexico
(BBB-) Median (BBB-) (BBB) (BBB) (BBB) (BBB) (BBB)
Kazakhstan BBB Romania Russia Croatia Bulgaria Tunisia Mexico
(BBB-) Median (BBB-) (BBB) (BBB) (BBB) (BBB) (BBB)
A compelling growth story
 The economic growth of Kazakhstan is significantly more
robust than most similarly rated economies with strong growth
forecasts to augment them
 Kazakhstan’s low general external debt and its net public
sector external position compare favorably with its BBB peers
 The political liberalization process is also now in place making
the situation more comparable with its peers and allowing for
greater expectations of political stability
Source: Standard and Poor’s research dated July 11, 2006
“F” refers to S&P forecasts
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Economic indicators point towards strong
future performance
Inflation remains stable despite increasing
investments and growing savings
Macroeconomic forecasts
Inflation
Demand (% of GDP)
Investments (% o f GDP )*
Savings (% o f GDP )*
120
10.0%
9.0%
8.4%
115
8.0%
6.9%
7.9%
5.7%
110
7.7%
6.0%
105
5.5%
3.3%
4.0%
100
2.0%
95
90
0.0%
2003
* Values indexed to the 2003 level
2004
30-Jun-06
2005
2006F
2007F
2008F
GDP Grow t h
8.5%
8.3%
9.1%
2009F
9.3%
Domest ic demand
8.4%
10.5%
9.5%
10.0%
Unemployment rat e
7.8%
7.4%
7.0%
6.6%
CPI
7.3%
7.3%
7.0%
6.5%
Real Export s
7.1%
2.4%
6.3%
6.5%
Source: S&P and Asian Development Bank Outlook 2006
 Exports are expected to expand through the diversification of
the pipeline network through the Baku-Tbilisi-Ceyhan oil
pipeline
 Non-oil private sector could get a boost through the removal of
trade impediments and accession to the WTO
 Despite rising inflation pressures, the government expects
inflation to be below 8.5% in 2006
* Values indexed to the 2003 level
Indicative KZT-swap curve (as of Sep 5, 2006)
5.40%
5.25%
5.00%
4.75%
6.0%
5.5%
5.0%
5.50%
Performance of Kazakhstan Mortgage
Company’s KTZ 9.29% bond due 2009
5.80%
5.70%
9.0%
8.0%
4.5%
7.0%
4.0%
0
1
2
3
4
5
6
Years
7
8
9
10
11
6.0%
Jan-05
May-05
Sep-05
Jan-06
May-06
Sep-06
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Rising exports, growing reserves and an
appreciating currency, together signal growth
Soaring exports and reserves provide stability
 Draft budget of 2007,
envisages a reduction of
budgetary spending
USD mm
Exports, USD million*
Imports, USD million*
500
400
 The draft budget also
expects a KZT/USD rate
of 117 for 2007
300
200
 Recent KZT
depreciation was driven
by the National Bank’s
conversion of KZT tax
receipts
100
0
2001
2002
2003
2004
2005
2006
* Values indexed to the 2001 level
The Kazakh Tenge has seen a steady appreciation against the USD since 2003
KTZ/USD
165
155
145
 Kazyna Sustainable
Development Fund will
seek to develop noncommodity sectors by
allocating approximately
USD 3.5bn to support
sectors like IT, bioenergy, petrochemicals
and hydroelectricity
over the next 3-years
135
 National Fund FX
reserves can be turned
into KZT
125
115
Jan-00
Feb-01
Mar-02
Apr-03
Jun-04
Jul-05
Aug-06
Source: Bloomberg
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Contact Information
Ms. Almira Akhmetkarimova
Managing Director, International Relations
Tel.:+ 7 (3272) 584 040 (ext. 1033)
Direct: +7 (3272) 448 411
Fax: + 7 (3272) 596 787
E-mail: [email protected]
[email protected]
+ 7 (3272) 448 410
www.alb.kz
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