"The bill to ratify the agreement has been put forward to the parliament committee for international affairs, defense and security," the spokesman said.
Russia and Kazakhstan signed the agreement on January 12, 2006 in Astana, the capital of the Central Asian republic. Under the agreement, the authorized capital of the bank will be $1.5 billion, with Kazakhstan holding 33% and Russia owning the remainder. The bank will be based in Almaty, Kazakhstan's commercial capital, and have a branch in St. Petersburg.
"Kazakhstan, represented by the government, will have access to financial resources of the bank and gains votes proportionate to its share," the source said.
According to the bank charter, it has immunity against any prosecution, except in actions that are not related to its operation.
The bank will also be exempt from any taxes, dues, duties and other charges, save for payments for specific services.
