US$ 1.8 million loan will enable the company, Niet, to expand and compete with larger market players
The EBRD is continuing to support small and medium-sized enterprises (SMEs) in Kazakhstan with a new loan to Niet, a private retail distributor of motor fuel and LPG (liquefied petroleum gas).
Niet, a small regional player with origins in the West Kazakhstan region and presence in the Atyrau and Zhambyl regions, will use the loan of US$ 1.8 million to construct two new petrol stations near the cities of Kulsary and Atyrau. The company will also modernise and expand its existing petroleum depot.
Niet is fully owned by Olzha, a transportation and leasing company, which is an existing client of the EBRD.
Janet Heckman, EBRD Director for Kazakhstan, said: “One of the EBRD’s priorities in Kazakhstan and other countries where the Bank works is supporting SMEs, with a focus on remote regions. Niet, which employs 129 people and originates far from the urban centres where most of its competitors are headquartered, is exactly the kind of company we want to help grow.”
As part of the project, Niet will improve its environmental and health and safety standards. The company is also working on improving its quality management system in cooperation with the EBRD’s Small Business Support team.
To date, the EBRD has invested over US$ 7 billion into the country’s economy. So far this year, investments are close to reaching €600 million, or US$ 675 million.