CORPORATE RESPONSIBILITY
Local suppliers
Giving suppliers loans to grow
We have provided local companies with interest-free loans to grow their businesses. For example, in 2010:
- a $1.5 million loan enabled a local cable producer to launch a new line of aluminium cables
- two $0.5 million loans allowed machinery spare parts suppliers to modernise their production facilities.
So that the debt does not restrict the companies the suppliers do not have to begin repaying the loans for nine months and we also accept products as part repayments.
In 2010, we agreed with the Kazakhstan Development Bank to support local producers by providing references for suppliers seeking loans of over $1 million and we sign a memorandum of cooperation and support with the supplier. In return, the bank offers a reduced interest rate. We are currently negotiating with governmental and non-governmental organisations to offer larger loans. We hope to launch this initiative in 2011.
