BAKU, Azerbaijan, Jan. 12
By Nargiz Sadikhova - Trend:
The European Bank for Reconstruction and Development (EBRD) is providing fresh funds jointly with its financial intermediaries to support small and medium-sized enterprises (SMEs) in Kazakhstan, Trend reports citing EBRD.
The Bank will share up to 50 percent of risk on a 450 million tenge (around $1.1 million) loan provided by its long-term partner Bank CenterCredit to the local packaging producer INTELLPACK.
The EBRD said this is the first transaction of this type signed by the EBRD in Kazakhstan under the Risk Sharing Facility between the EBRD and Bank CenterCredit. The loan will be used to help INTELLPACK complete the renovation of a warehouse facility, enhance operations in its principal business location in Almaty and to finance working capital needs.
The EBRD has been working with INTELLPACK, a privately owned local distributor of warehouse equipment and producer of stretch film and duct tape, since 2014.
The Bank supported INTELLPACK with funds and expert assistance under the EBRD’s flagship Blue Ribbon program. It also mobilized technical assistance funds provided by the government of Kazakhstan, the US and the EU.
To date, the EBRD has invested over $7.95 billion in the economy of Kazakhstan through 280 projects. The support of small businesses is particularly important and in-line with the EBRD’s country strategy for Kazakhstan.
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