OREANDA-NEWS. On March 28, 2008 Eurasian bank of development (EABD) and Bank CenterCredit JSC (Almaty) had spread common press-release in which the following is informed, reported the press-centre of KASE:

Eurasian bank of development (EABD) and Bank CenterCredit JSC (BCC) have signed a credit agreement on loan provision on the sum of USD70 m. for the term of 5 years.

According to the signed agreement means, received from EABD, will be used for the following purposes by BCC:

- provision of stable development of a private sector of Kazakhstan and Russia, in addition to financing of projects of small and medium business, directed on creation, modernization, widening, and diversification of goods and services production;
 
- widening of mutual trade and investments of economical subjects of countries-participants of EABD, including export of products and delivery of equipment, raw materials and supplements, and also products and services that are produced on its territory.

- issue of competitive products with high added value in non-raw material sectors of the economy of countries-participants of EABD.

During common press-conference Vladislav Lee, the Chairman of the Board of director of BCC, mentioned that the organization of this crediting program will serve as additional impulse for further development of enterprises of the real sector of the economy. BCC has a big experience of cooperation with international as well as institutes of development of Kazakhstan, and the organization of such syndicate serves as a trustful sign relative to BCC.

Eugene Prilepskiy, Deputy of the Chairman of the Board of directors of Eurasian bank of development, in turn mentioned that a conclusion of an agreement between EABD and BCC is an important signal to private baking capital of countries-participants of Bank; that EABD has needed resources to support a development of credit programs of small and medium business.

Credit line of BCC is the first experience of EABD in financing of economy of countries-participants of EurAsEC through commercial banks. According to Eugene Prilepskiy, "talking about perspectives of such cooperation we can say that we will develop large projects on support of small and medium business, which is one of the effective "lever" of growth of the economy, in
the future too".

Signed agreement matches credit and investment activity of EABD, which one of the key directions is work with financial institutes. In summer 2007 Board of EABD agreed Conception of its participation in further development of financial sector of countries-participants of bank. Conception considers that for strengthening of national banking systems EABD will enter capital of commercial banks of countries-participants, provide them debt financing, and provide technical support. Conception mentions opening of target credit line s for financing projects in small and medium business sector by commercial banks, crediting of producers of agricultural products, and trade financing of export activity of clients. Mechanisms and tools of participation of EABD in the development of financial sector of countries-participants  allows widening of potential and competitiveness of commercial banks, expand their financial and institutional possibilities on crediting of small and medium business.