Bank TuranAlem (BTA) signed the first ever deal to be realised by a commercial bank and backed by the Japan Bank for International Cooperation (JBIC) in Kazakhstan and the wider CIS region in October 2007. The deal marks the first financing of deliveries to Russia by JBIC under Kazakh bank and country risk. Bank of Tokyo-Mitsubishi UFJ acted as lender on the deal.

The transaction supports the construction of the biggest oceanarium in Eastern Europe and the CIS at a total cost of US$6.296mn.

It illustrates the diversification of BTA’s customer base and the promotion of trade finance services outside of Kazakhstan for the bank.

The contract was signed between Marine Gardens, Moscow as the buyer and Nippura, Japan, as the seller for delivery of acrylic aqua walls for construction of the oceanarium in Moscow.

The total amount of the contract includes financing of 85% of the contract value (US$5.351mn) under a loan agreement signed between BTA and JBIC on April 1, 2004.

BTA is the borrower from JBIC and BTM-UFJ and the applicant – Marine Gardens – is the sub-borrower.

Equipment is being shipped under a letter of credit by the beneficiary (Nippura). JBIC and BTM UFJ will pay the beneficiary in proportion 60% (JBIC) and 40% (BTM UFJ) and extend the loan in favour of BTA.

Tranche B benefits from insurance cover from Japan’s Nexi.

The deal is also a breakthrough project within a Moscow government programme on development of tourism in the city up to 2010. This was created by Moscow’s mayor and involves the creation of a legal, organisational and macroeconomic environment favourable for further development of the tourism industry in Moscow.

Deal Information:




Borrower: Bank TuranAlem JSC, Kazakhstan
Lenders: JBIC; BTM-UFJ
Insurance: Nexi
Tenor: 5 years

  • Tranche A (60%): 7.54% (Cirr rate + 1.54% margin)
  • Tranche B: 6-month Libor + 0.30% pa
    Commitment fee: 0.20% pa
    Date signed: October 2007