Kazakhstan Chamber of Commerce in the USA


EBRD and Kazakhstan’s National Bank to provide $1billion tenge in loans to local businesses

Posted on June 05, 2014 by KazCham

The Astana Times

Kazakhstan’s National Bank has signed two agreements that will make $1billion tenge available to the European Bank for Reconstruction and Development (EBRD) for giving loans to local institutions.

The first agreement makes $400 million tenge available to the EBRD, while the second agreement will provide $600 million over a three-year period.

The National Bank’s Governor Kairat Kelimbetov and EBRD’s Managing Director Olivier Descamps signed the agreement during the Astana Economic Forum. Descamps said, “Our strategic priorities in Kazakhstan focus on diversification, development of the regional infrastructure and strengthening the role of the private sector. These priorities require us to lend more to local businesses in local currency. Today’s agreements open the door for us to significantly increase and improve our lending in tenge.”

The EBRD will lend to Kazakh banks, non-banking financial institutions and corporate clients as well as to micro, small and medium-sized enterprises. EBRD has recently funded projects like energy-efficient buses and a project to modernise home heating systems.

Kazakhstan, which has received nearly $6.5 billion in investment from the EBRD, became a donor to the EBRD in 2013.

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