Kazakhstan's ForteBank to invest in local entrepreneurship

Business Materials 30 April 2019 14:53 (UTC +04:00)

Baku, Azerbaijan, April 30


Kazakhstan's ForteBank has joined the Asian Development Bank's program on micro, small and medium business funding, Trend reports via the bank's press service.

Reportedly, the program is to fund Kazakhstan’s companies on more favorable terms.

“ADB provided ForteBank with a loan worth 31.32 billion tenge. This funding is to be directed at entrepreneurship’s support and development,” reads the message.

“The support and development of small and medium business is among ForteBank’s priorities. Today, we are successfully cooperating with European Bank for Reconstruction and Development and we are happy to continue the ADB’s work on funding the entrepreneurship. For decades, it has been stimulating the growth of the region’s economy,” said Guram Andronikashvili, Chairman of the ForteBank’s Management Board.

“The sum of the loan is to be no more than one billion tenge and the annual remuneration rate of 12.5 percent or more. The term of the loan is not to exceed 84 months. The credit line can be mixed. ForteBank is to support the participants of the ADB funding project after the project reaches its end,” the report said.