EBRD supports expansion of ABR

• EBRD to share half the risk on KZT 3.7 billion loan provided by Bank CenterCredit to ABR
• Financing to support expansion of popular restaurant chain
• Project to stimulate innovation and set higher standards in the catering sector

The European Bank for Reconstruction and Development (EBRD) and Kazakhstan’s major private lender, Bank CenterCredit (BCC), are promoting innovation and helping to set higher standards across the domestic food-service sector by supporting the operations of AB Restaurants (ABR), one of the largest restaurant chains in the country.

Under a risk-sharing agreement between the two banks, the EBRD will share half of the risk on a KZT 3.7 billion (equivalent to US$ 8.2 million or €7.2 million) loan provided by BCC to ABR.

ABR will use the funds to renovate and change the concept of 5 of its restaurants and open as many as 5 new restaurants in the country’s two largest cities, Almaty and Astana. The financing will help ABR to strengthen its balance sheet, thereby supporting its long-term growth strategy. It will also stimulate sectoral competition.

ABR, a popular operator of restaurants, runs a chain of 48 restaurants, which welcome 7 million guests a year.

The EBRD has invested almost US$ 13.8 billion (€12.3 billion) in Kazakhstan to date through 361 projects, making the country the largest and longest‑running recipient of EBRD investment in Central Asia.