OREANDA-NEWS. March 16, 2009. JSC Bank CenterCredit (the Bank, BCC) received a USD 15 million loan from the Canadian Bank of Montreal, Toronto for financing JSC Holding KazExportAstyk, the Bank’s corporate client, reported the press-centre of Bank CenterCredit.

BCC and Bank of Montreal have built comprehensive partnership relations and the Canadian bank has been providing funding to large corporate customers of the Bank over a long period of time.

This loan is guaranteed by the International Finance Corporation (IFC), Washington, the member of the World Bank Group, under the GTFP (Global Trade Finance Program). The attracted funds will be used to facilitate export operations of the client.

BCC has been cooperating with the JSC Holding KazExportAstyk Group since 2000. It is one of the largest Kazakhstani grain companies with a USD 300 million turnover in 2008. JSC Holding KazExportAstyk was among the first companies to make a full-scale renovation of its agricultural equipment. The client demonstrates a stable financial standing, high level of management and labour organization, efficient marketing and sales system, developed infrastructure, perfect credit history and sound cash-flows.

Despite the global economic crunch the stable financial stand of BCC is evidenced by the trust and confidence of international financial institutions. The said transaction involving IFC and Bank of Montreal is a clear proof for that.

Established in 1956, IFC is a member of the World Bank Group. IFC mission is to foster a sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments in 181 country-members, including Kazakhstan. IFC’s new investments totaled US16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit www.ifc.org

In the current difficult market conditions, the essential task of BCC is to retain the existing clients and their confident attitude to the Bank. Historically, the development of the small and medium business was the major priority of BCC, and therefore the new loan for financing its corporate client will contribute to expansion and strengthening of Bank’s positions in the corporate services market.