Bank CenterCredit and Industrial Development Fund Supported Construction of a Cardboard and Paper Plant
JSC Bank CenterCredit and KZ Recycling LLP signed an Agreement on Provision of a Credit Line in the Amount of 15 Billion Tenge for a Period of 5 Years to provide a payment guarantee in favor of JSC Industrial Development Fund. This agreement will provide further financing for the project to construct a cardboard and paper plant in the Almaty industrial zone.
The plant will be equipped with the latest high-tech production lines and will significantly expand production volumes. The project plans to produce a wide range of cardboard and corrugated packaging, which will have a positive impact on development of domestic production and export activity.
“The bank actively provides loans to the real sector of the Kazakhstan economy, providing financing for projects that contribute to development of industry and creation of new jobs. Support for such important projects as the construction of a cardboard and paper plant is an integral part of our sustainable development strategy. As a reliable business partner, we are confident that this project will not only create new jobs, but also contribute to increasing competitiveness of Kazakhstan industry”, said Nurlan Shegebayev, Vice President of Bank CenterCredit JSC.
“Projects supported by the Industrial Development Fund have a multiplier economic and social effect, implying a significant increase in tax revenues to the budget, creation of hundreds of jobs, emergence of new domestic goods, and increase in the export potential of the country. The Fund focuses on Kazakhstani manufacturers who have an objective need for support. So, construction of a new paper plant is a clear proof for this. In addition, this project is fully consistent with the environmental agenda of our country. I would like to note that since 2024, as part of the Concept for the Transition of Kazakhstan towards a Green Economy, JSC Industrial Development Fund, together with the RoK Ministry of Ecology and Natural Resources and JSC Zhassyl Damu, has launched a program to support enterprises sorting, processing and recycling solid municipal waste, aimed at strengthening the ecological balance”, noted Azat Abaydildin, Deputy Chairman of the Board of JSC Industrial Development Fund.
The funding will be used to purchase new production lines and expand the plant production capacity, including equipment leasing and construction work.
“We are grateful to JSC Bank CenterCredit and JSC Industrial Development Fund for their support in implementation of our project. With the help of this funding, we will be able to significantly increase production volumes, and introduce new high-tech solutions, which will allow us to offer the market higher quality products. This project is an important step for development of the domestic recycling and packaging industry, and we are confident that it will have a positive impact on both domestic market and exports”, comments Kanat Issabayev, General Director of KZ Recycling.
It should be noted that KZ Recycling LLP is one of the largest companies in the wastepaper recycling market in Kazakhstan and is actively developing production of paper, cardboard and packaging. The plant will help increase the volume of manufactured products, which will make it possible not only to improve the quality of domestic production, but also to expand export deliveries.