BAKU, Azerbaijan, Dec.23
By Nargiz Sadikhova - Trend:
Kazakhstan’s subsidiary of VTB Bank and Damu Entrepreneurship Development Fund have signed a Portfolio Guarantee Agreement, Trend reports with reference to the bank.
Within the framework of the agreement, the bank is given the opportunity to independently decide on the receipt of a guarantee from the Damu Fund to secure loans issued by the bank without additional consideration of the loan project by the Fund.
“This significantly reduces the time required for entrepreneurs to obtain a loan. VTB is the sixth bank in Kazakhstan that included in the portfolio guarantee program,” the report said.
According to Dmitry Zabello, Chairman of the Board of VTB Bank (Kazakhstan), most important feature of the agreement is that now bank’s customers will be able to receive the financing, necessary for the development of their business several times faster than before.
Portfolio Guarantee applies to projects of Bank clients receiving loans under the state programs “Enbek” and “Business Road Map 2020” aimed at developing entrepreneurship.
“Under the terms of the Agreement, burgeoning entrepreneurs, as well as those who previously made a loan delinquency or restructured bank loans, will not be able to participate in this project,” the bank highlighted.
Subsidiary VTB Bank JSC (Kazakhstan) is a member of the VTB international financial group. The Bank has been successfully operating on the financial market of Kazakhstan already 10 years, providing a full range of financial services to any categories of customers in all regions of the country.
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