Translated version of this PSD: Russian
A 3-year senior loan to ForteBank JSC ("Forte") in the amount of up to USD 50 million in KZT equivalent. The financing will be used for on-lending to eligible private micro, small and medium-sized enterprises (MSMEs) in Kazakhstan.
The project aims to support local currency lending to the MSME sector in Kazakhstan by providing long-term financing to Forte, one of the largest lenders in the country. A special focus will be given to distribution of funds in the regions outside the cities of Astana and Almaty.
The project will support Forte's lending to private MSMEs in Kazakhstan and improve access to long-term funding in local currency for MSMEs. The project will also focus on regional outreach and attraction of new MSME clients.
FORTE BANK JSC
Forte is the 5th largest bank (out of 32) in the country with total assets of USD 4.3 billion, equity of USD 584.4 million and market shares of 6.2% in total assets, 4.3% in customer loans and 6.2% in deposits as of YE2017.The bank offers a wide range of retail, corporate and MSME products via its distribution network of 19 branches and 145 outlets in 39 cities and rural settlements of Kazakhstan.
EBRD Finance Summary
A senior loan of up to USD 50 million in KZT equivalent.
Total Project Cost
USD 50 million in KZT equivalent.
Environmental and Social Summary
Categorised FI. Forte will be required to comply with PRs 2, 4 and 9 and adopt and implement the EBRD's E&S Risk Management Procedures for MSME loans and submit Annual Environmental and Social Reports to the EBRD.
In January 2018 EBRD launched Regional Small Business Program for Central Asia ("RSBP" or the "Program") to extend the support for its overall operations in the field of MSME finance, in five Central Asian countries (Kazakhstan, Kyrgyz Republic, Tajikistan, Uzbekistan and Mongolia). The bank's specialists will be able to benefit from training to be offered by the Program in the area of underwriting, risk management, agri-lending and non-credit financial products.
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