OREANDA-NEWS. On December 14, 2007 Kazkommertsbank JSC (Astana), being the listing company of Kazakhstan stock exchange (KASE) had provided KASE with the press-release of following contention, reported the press-centre of KASE:

Kazkommertsbank Kyrgyzstan and European bank for reconstruction and development (EBRD) had signed the agreement, according to which Kazkommertsbank Kyrgyzstan acts as local security agent and also local financing bank of loan with EBRD participation for amount of $4 m. with aims of small business crediting.

New agreement from the side of Kazkommertsbank Kyrgyzstan OJSC (hereinafter - the Bank) was signed by chairman of Board Kanat Mamakeyev, from the side if EBRD - the head of Representation of EBRD in KR Kenji Nakazava. Commenting the deal, Mr.Nakazava stressed, that "...given credit is the important step in widening of activity of EBRD in Kyrgyz Republic... We may do much more, and next year we'll try to double the volume of our investments compared to $16 m. invested in year 2007, and also provide and implement the new financial instruments for support and strengthening of banking sector of Kyrgyzstan". Mr.Mamakeyev supported Mr.Nakazava, noting that "signing of this agreement is the bright example of trust from the side of EBRD in term of holding iof proper policy in sphere of banking business maintenance by our Bank". Also Mr.Mamakeyev expressed thanks to EBRD for help provided in educating of personnel.

History of cooperation between Bank and EBRD starts since January 2003, when Bank one of the first in Kyrgyzstan had stated the crediting by the Program of small and micro financing (SMF) of EBRD. For the time of cooperation businessmen received credits for total amount of $43 m., and that minimal size of credit totaled $60, and maximal - $200,000., not any credit was written off as non-returned. Businessmen from different fields of economy were crediting - from owners of small trade points and farmers to enterprisers-producers, and for different aims - for increase of floating assets and purchasing of commercial immovable, for investment and agricultural needs.

Earlier, in July 2005 between Bank and EBRD was signed the Credit agreement (scheme of crediting of micro and small enterprisers in the frames of village and agricultural direction) about provision to Bank of credit in size of $5 m. (with two tranches). In May 2006, after total sum of credit was assimilated, had taken place the signing of Additional agreement to mentioned Credit agreement, according to which EBRD transferred to Bank all authorities for further realization of program of small and middle business.

Thus, was confirmed the fact of entering of Bank to the new stage of micro-crediting with improved terms for borrowers: refusal from requirement about availability of business-plan, minimal portfolio of documents (passport, paten or certificate of private businessman, security documents), increase of sum of credit to $200,000 (minimal sum of credit at that stayed on the level of $50) and term of credit - to 5 years (minimal - 3 months).

European bank for reconstruction and development

Was founded in year 1991. Members of the bank are governments of European countries. Main mission of bank is directed on building and development of economical and democratic markets in countries of Central Europe and Middle Asia.

Kazkommertsbank Kyrgyzstan OJSC

On December 5, 2002 by Ministry of justice of Kyrgyz Republic was held the state re-registration of Opened joint stock company "Joint stock commercial Kyrgyzavtobank" in connection to confirmation of new edition of charter and change of bank's name to Opened joint stock company Kazkommertsbank Kyrgyzstan. In accordance with Law of Kyrgyz Republic "About joint stock companies" dated March 27, 2003, Kazkommertsbank Kyrgyzstan OJSC is the Daughter organization of Kazkommertsbank JSC due to prevailing participation in its capital, making 93,58%.