World Bulletin / News Desk
Turkish and Kazakh companies signed Saturday investment agreements worth of $590 million, according to Kazakhstan's Prime Ministry.
Kazakhstan's national company Kazakh Invest and Turkey's private companies including Calik Holding, Yildirim Holding, Yildizlar SSS Holding and Agrobest Group made agreements with the efforts of Embassy of Kazakhstan in Ankara, said a written statement from the ministry.
According to the statement, the agreements cover a range of fields, including construction materials, machine production, energy, metallurgy and chemical manufacture.
In the last 5 years, Turkish companies carried out 18 investment projects which worth $667.5 million in Kazakhstan.
Ten more projects will be implemented in the upcoming period, it added.
The statement also said Turkey's investments in Kazakhstan reached $2.1 billion in total so far, with $925.1 million alone in the first half of 2017.
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The move was seen as a bid to weather US-imposed sanctions on the embattled country.
Regulators decided in May to fine Banco Popolare di Vicenza a total of 11.2 million euros ($13.4 million), the ECB said in a press release.
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