Kazakhstan Chamber of Commerce in the USA

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Kazkommertsbank to lend to local SMEs

Posted on October 16, 2011 by Alex

Kazakhstan’s largest bank, Kazkommertsbank, said on Thursday it had been selected by the Asian Development Bank (ADB) and the state-owned DAMU Entrepreneurship Development Fund to implement ADB’s SME lending program.  ADB will lend KZT7.4 billion ($50 million) to Kazkommertsbank to provide financing to local small-  and medium-size businesses.

ADB said in September it would provide a total of KZT22.2 billion ($150 million) in local-currency financing to support SME lending in Kazakhstan.

SOURCE: SRI, Kazakhstan Daily News Brief, Issue dated October 14, 2011

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