Project number:


Business sector:

Non-depository Credit (non bank)

Notice type:


Environmental category:


Approval date:

07 Dec 2004



PSD disclosed:

19 Oct 2004

Project Description

The proposed US$ 10 million mortgage loan, in either KZT or US$, will be used to lend to individuals for buying and/or repairing real estate properties. This mortgage loan is the second EBRD loan to BTA Ipoteka (BTAI) and would help BTAI to expand its mortgage loan portfolio and decrease funding costs, thus allowing provision of long-term affordable financing to home owners in Kazakhstan.

Transition Impact

Additional EBRD mortgage loan to BTAI will further support the development of the housing mortgage market in Kazakhstan by providing long-term financing to the only specialised mortgage bank in the country and a leading mortgage provider for further on-lending to qualified sub-borrowers. 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 BTAI 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

BTAI was established in late 2000 to specialise in mortgage finance. BTAI remains at the forefront of western-style housing finance in Kazakhstan and is one of the top 4 retail mortgage providers with the current market share of 14%. BTAI operates through its head office in Almaty and branches in 13 largest cities throughout Kazakhstan.

EBRD Finance

Senior secured loan of US$ 10 million (€ 8.3 million equivalent), in either KZT or US$.

Project Cost

US$ 10 million (€ 8.3 million equivalent)

Environmental Impact

BTAI 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. Kairat Altynbekov

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

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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