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The 5th Business Forum of Conference on Interaction and Confidence Building Measures in Asia (CICA), 10-11 of November 2016, Astana, Kazakhstan

Bank CenterCredit received a loan from the EBRD in the amount of 10 billion tenge to finance micro, small and medium enterprises

January 30, 2015 3:30 pm

On January 29, 2015 a press conference on the topic: “Obtaining loan from the EBRD by Bank CenterCredit in the amount of 10 billion tenge for the financing of micro, small and medium-sized enterprises” held in Almaty.

Bank CenterCredit (BCC) and the European Bank for Reconstruction and Development (EBRD) signed a loan agreement on attraction of 2 tranches in the amount of $ 5 bln., each with maturity of 5 years to be used for MSME financing. Borrowings issued under the guarantee of JSC "Entrepreneurship Development Fund "Damu" with a rate of 7.7% per annum.

Funds will be distributed in all regions of Kazakhstan (60%), mostly outside of Almaty and Astana cities (40%).

The lending program is mainly focused on providing financing in rural areas and will be accompanied by technical support, which will be designed to strengthen the internal capacity of the bank and procedures in SME lending, risk management, staff training and improvement of IT technologies.

The main credit terms are as follows:

• Maximum amount: 3,000,000. US dollars (about 550 million. Tenge);

• Term: up to 5 years;

• The rate of 14% per annum;

• Purpose: investment, working capital financing.

The new loan will strengthen the position of BCC in support of micro, small and medium-sized enterprises.

- Our long-standing partnership has enabled us to provide funding to MSME entities and thus contribute to the development of initiatives of private entrepreneurs - said Chairman of the Board of BCC Vladislav Lee.

"Damu " Fund for the first time acts as a guarantor in the process of lending to commercial banks by international financial institutions, prior to that they were processed by the state.

"Participation of the "Damu" Fund in MSME financing program in Kazakhstan is carried out for the first time in the history of the activities of our Fund, is an indicator of the highest trust of the EBRD and demonstrates a high level of professional development of "Damu" Fund for more than 15 years of its activity. Let me remind you that this year the Fund received an international credit rating at the level of the sovereign rating of the Republic of Kazakhstan, which made the Fund attractive for foreign and domestic investors. Already we see the results: without using the state guarantee, the EBRD under the corporate guarantee of «Damu" Fund allocates money to commercial banks of Kazakhstan. We expect that the deal with BCC is the first sign in a series of further placement of EBRD credit in Kazakhstan for long-term cooperation between the Fund and EBRD ", - said the Managing Director, Member of the Board of the "Damu" Fund Gabit Lesbekov.