EBRD to support small business in Kazakhstan through loans
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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 on November
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.
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