Bank CenterCredit Informed on EBRD Loan to Amount of USD 50 mln
OREANDA-NEWS. On July 04, 2008 Bank CenterCredit JSC (Almaty), the listed company of Kazakhstan Stock Exchange (KASE), provided to KASE the press release of the following content, reported the press-centre of KASE:
JSC "Bank CenterCredit" (BCC) is raising a 5-year loan from EBRD to support the expansion and further development of micro, small and medium-sized enterprises (MSMEs) in Kazakhstan. The \\\\$50 million credit will be on-lent to BCC clients outside the major cities Almaty and Astana to ensure easier access to finance for its regional clientele.
The MSME sector is an important provider of employment and increasingly important for the Kazakh economy. The government sees the growth of small businesses as key to the sustainable development of an economy which is otherwise dominated by natural resources. The demand from local micro and small businesses for loans, especially longer term funding, is increasing.
The EBRD loan will consist of two equal portions. The first portion will be for loans below \\\\$200,000, focused on the smallest businesses with an average loan size expected to be \\\\$10,000. The second portion will be used to finance loans worth the equivalent of \\\\$200,000 to \\\\$500,000, aimed at small and medium-sized enterprises.
This loan is granted to BCC as part of an initiative to provide more funding for micro- small- and medium-size enterprises. BCC believes that the loan will help to further promote strong positions of the Bank in this segment and ensure sustainable growth by widening its market share in Kazakhstan.
Despite the significant reduction of Kazakhstani banks' access to international capital markets, granting of such loans evidences that BCC is recognized by its foreign partners as a stable financial institution with a reliable reputation and weighted policy.
The loan will serve as another strong signal of EBRD's confidence in the economic development of Kazakhstan, and in BCC, in particular. Evidently, this is leap forward in encouraging more investments in the country at a given conditions of tightened liquidity for Kazakhstani banks.
"Strategic support of SMEs, stable share of the Bank in this market segment, steadily increasing client base along with the high assets quality - all these factors in our view have influenced the EBRD in singling-out the Bank CenterCredit as a counterparty in this deal", - noted BCC Chairman of the Management Board Vladislav Lee.
Bank CenterCredit and the EBRD have been partners since 1997 when BCC joined the EBRD Kazakhstan Small Business Programme I.
Комментарии