EBRD to support small business in Kazakhstan through loans
Baku, Azerbaijan, Nov. 30
By Elena Kosolapova – Trend:
European Bank for Reconstruction and Development (EBRD) will provide Kazakh ForteBank with 20.4 billion tenge ($60 million) loan, the bank reported.
The corresponding agreement was signed in Kazakhstan Nov. 29.
The loan will be issued in Kazakh national currency tenge and directed to the support of micro, small and medium businesses and financing of female entrepreneurship under the EBRD program "Women in Business".
Kazakh Damu Entrepreneurship Development Fund provides guarantees for this loan.
It will be divided in two tranches for a period of 3 years, including a 1 year grace period. From the first tranche 8.5 billion tenge ($25 million) will be directed for financing of micro projects and small and medium-sized enterprises and 1.7 billion tenge (approximately $5 million) to the projects within "Women in Business" program.
Each tranche will be calculated by the market rate of tenge-dollar pair, set at the time of money transfer.
The EBRD invested close to $7.5 billion in Kazakhstan’s economy to date.