Translated version of this PSD: Russian
A 3 year senior loan to ForteBank JSC in the amount of USD 10 million in KZT equivalent. The financing will be used for on-lending to eligible women-led micro, small and medium sized enterprises (MSMEs) in Kazakhstan.
The aim of the loan is to promote women's entrepreneurship and access to finance, and more broadly women's participation in business, through the development of a strong WiB SME sector in Kazakhstan, by facilitating access to finance and advice for women-led SMEs. The loan will be complemented by the development of sustainable credit mechanisms targeted at women-led SMEs through technical assistance to ForteBank JSC; and technical support for women-led SMEs in accessing know-how, non-financial business development services and networking opportunities.
The project has important transition impact potential, specifically in relation to addressing the gender related inclusion gap for access to finance in Kazakhstan. It will help Forte to develop, test, and roll out tailored sustainable credit mechanisms targeted at women-led MSMEs through technical assistance and strengthen their capacities to effectively reach out to the target segment via marketing and outreach activities. The project will improve access to long-term funding in local currency for women-led MSMEs in the country. A special focus will be given to the distribution of funds in the regions outside Astana and Almaty, the administrative and financial capitals of Kazakhstan.
Forte is the 8th largest bank (out of 35) in the country with total assets of USD 3.0 billion, equity of USD 494 million and market shares of 4.5% in total assets, 3.3% in customer loans and 4.7% in deposits at 1Q2016. The bank offers a wide range of retail, corporate and SME product offering 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 USD 10 million in KZT equivalent.
Total Project Cost
USD 10 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.
The Government of Kazakhstan has granted USD 4.1 million for Technical Assistance to the EBRD Women in Business operations in Kazakhstan. This includes USD 1.5 million of TC for capacity building of participating financial institutions, including ForteBank and USD 2.6 million for direct support to women-led enterprises via EBRD Small Business Support Team.
Company Contact Information
Ms. Aliya Yeszhan
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Independent Project Accountability Mechanism (IPAM)
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