The European Bank for Reconstruction and Development (EBRD) is to support small and medium sized enterprises (SMEs) in Kazakhstan by sharing up to 50% of risk on a Kazakhstani tenge (KZT) 450mn (€881mn) loan provided by its long-term local partner Bank CenterCredit to Kazakh packaging producer INTELLPACK.
This marks the first transaction of its type signed under the Risk Sharing Facility of the EBRD and Bank CenterCredit. The loan will help INTELLPACK enhance operations in its principal business location in Almaty, complete the renovation of a warehouse facility and finance working capital needs.
INTELLPACK is a privately owned local distributor of warehouse equipment and producer of stretch film and duct tape. The EBRD has been working with the firm since 2014. The bank has supported INTELLPACK with funds and expert assistance under its flagship Blue Ribbon programme. The development bank has also mobilised technical assistance funds for INTELLPACK provided by the government of Kazakhstan, the US and the EU.
The EBRD has invested over $7.95bn in the Kazakh economy to date.
Related Articles
Azerbaijan tightens banking operations on foreign financial sources
Azerbaijan has implemented new restrictions on banking operations involving foreign financial sources, with amendments signed by President Ilham Aliyev targeting unregistered foreign financial ... more
Uzbekistan’s banking sector becoming more resilient, says Fitch
Uzbekistan’s banking industry is becoming more resilient, with the sector underpinned by ongoing structural reforms, stronger regulation and improving governance, ... more
Citibank opens Tashkent representative office
Citibank has officially established a presence in Uzbekistan with the opening of a representative office in Tashkent, according to a statement from the Central Bank of Uzbekistan (CBU). ... more