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EBRD provides $ 45M to Kazakhstan’s Bank CenterCredit

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Baku, Azerbaijan, Aug.10

By Leman Zeynalova - Trend:

The European Bank for Reconstruction and Development (EBRD) is providing a financial package of up to $ 45 million to Bank CenterCredit, a long-term financial partner in Kazakhstan with 19 branches and over 100 outlets across the country, said a message from the bank.

Over 60 percent of the loan will be used to support lending to micro, small and medium-sized enterprises (MSMEs), particularly those run by women, outside the major cities of Astana and Almaty.

Consolidated efforts to support women’s entrepreneurship by the government of Kazakhstan, which has committed significant funds to Kaz WiB, and the EBRD translate into impressive numbers - over 41 percent of SMEs in the country (equalling 640,000 enterprises) are led by women today.

The EBRD Kazakhstan Women in Business program improves access to finance and advice for women-led SMEs, providing credit lines, risk mitigation and technical assistance to partner financial institutions to improve the supply of financing. The program also offers advisory services alongside mentoring, longer-term coaching and workshops to provide women entrepreneurs with the knowledge and confidence to establish and grow their businesses.

The project benefited from technical cooperation funds provided through the EU Investment Facility for Central Asia.

In 2017 the EBRD approved its new country strategy for Kazakhstan and signed a three-year Partnership Framework Arrangement with the country aimed at the modernization and diversification of the national economy.

To date, the EBRD has invested over $8.7 billion in the economy of Kazakhstan.

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