AKIPRESS.COM - The EBRD continues to support small and medium-sized enterprises (SMEs) in Kazakhstan with a new loan to Bank CenterCredit (BCC), a local partner bank for the purpose of on-lending to SMEs.

The loan of 13.5 billion tenge (US$ 50 million equivalent) follows another recently signed transaction with BCC to provide financing to women-run and owned SMEs. The total amount of financing the EBRD has extended to BCC so far has reached US$ 115 million. All of it is dedicated to private SMEs, either as direct lending or cross-border trade support.

The loan agreement was signed by Kazakhstan’s President, Nursultan Nazarbayev, during his visit to London.

The new 13.5 billion tenge loan is fully guaranteed by Kazakhstan’s national entrepreneurship development fund, DAMU.

DAMU’s Chairwoman, Lyazzat Ibragimova, said: “This credit line aimed at SMEs will allow more dynamic companies in Kazakhstan to access financing, especially in the regions.”

This year, the EBRD is planning to invest about US$ 1 billion in Kazakhstan.