Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

07 Dec 2004



PSD disclosed:

18 Aug 2005

Project Description

The proposed US$ 10 million mortgage loan, in either KZT or US$, will be on-lent by Bank Center Credit to individuals for purchase/construction/refurbishment of their primary residential homes.
This mortgage loan is the second EBRD will be granting in Kazakhstan and it will be extended to a second tier medium-sized bank, whose appetite for mortgage lending is still restricted by the lack of long-term financing.

Transition Impact

The second EBRD mortgage loan in Kazakhstan will further support the development of the housing mortgage market by providing long-term financing to a local commercial bank. Expansion of mortgage lending will make the mortgage market in Kazakhstan more competitive and transparent, allowing a wider range of customers to have access to mortgage financing at reasonable rates and to benefit from other improvements which competition brings.
EBRD will ensure that BCC continues to set best corporate and lending practice. In addition the loan will facilitate promotion of mortgage bond issuance and further potential developments of the secondary market for mortgages. Finally, by helping to develop mortgage backed products (loans and securities), the EBRD will be creating alternative investments - both in terms of quality risk profile and term - for Kazakh pension funds and in future for insurance companies, mutual funds and other investors with a long term horizon.

The Client

Bank Center Credit was established in 1988 and is now the fifth largest bank in Kazakhstan. BCC is a universal bank, but due to its size, focuses more on providing services to local SMEs and private individuals.

EBRD Finance

Senior secured loan of US$ 10 million equivalent, in either KZT or US$.

Project Cost

US$ 10 million.

Environmental Impact

BCC will be required to carry out its operations in accordance with the EBRD’s Environmental Procedures for Mortgage Loan and, at the same time with the Environmental Procedures for Intermediated Lending through Local Banks, including adherence to EBRD’s Environmental Exclusion List, compliance with national environmental, health and safety regulations.

Technical Cooperation


Company Contact

Mr. Timur Ishmuratov

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

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Text of the PIP

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