Kazakh institution Bank TuranAlem (BTA) has signed a guarantee agreement to support the financing of the Kyzyl-Kiya cement plant construction project in Kyrgyzstan.
BTA is backing a US$70mn loan borrowed from China Exim by South Kyrgyz Cement. The construction of the cement plant is the first Kyrgyz project to be approved by the Chinese government for member nations of the Shanghai Cooperation Organisation (SCO).
The project has the initial production capacity of 930,000 tons of cement per year, and potential capacity to produce 2mn tons annually. It aims to meet all the cement requirements in southern Kyrgzstan, as well as support cement exports to other central Asian countries.
SCO is a permanent intergovernmental international organisation established in Shanghai by its member states: the People’s Republic of China, the Kyrgyz Republic, the Russian Federation, the Republic of Tajikistan and the Republic of Uzbekistan. The aim of the group is to promote cooperation in politics, trade, science, technology and culture.