KAZKOMMERTS POLICY

Location:

Kazakhstan

Project number:

26848

Business sector:

Insurance, Pension, Mutual Funds

Notice type:

Private

Environmental category:

FI

Target board date:

05 Nov 2002

Status:

Completed

PSD disclosed:

13 Aug 2002

Project Description

A proposed equity investment in Kazkommerts Policy, a non-life insurance company in Kazakhstan and subsidiary of Kazkommertsbank.
The investment will support the development of the Kazakh insurance market and enable Kazkommerts Policy to grow premiums written, retain the higher percentage of premiums and comply with Kazakhstan Central Bank's increasing solvency requirements.
 
 

Transition Impact

The Project is the first direct equity investment of the EBRD in Kazakhstan and the first insurance project in Central Asia. The Project will help to attract potential strategic investors and ensure the continuation of enhanced standards of corporate governance.

The Client

Kazkommerts Policy was established in 1996 and is one of the leading non-life insurance companies in Kazakhstan. Kazkommerts Policy is 100 per cent owned by Kazkommertsbank, the largest private bank in Kazakhstan.

EBRD Finance

The EBRD will subscribe to newly issued shares for up to USD 1.5 million (EUR 1.5 million).

Project Cost

Up to USD 2.5 million (EUR 2.6 million).

Environmental Impact

Kazkommerts Policy will conduct its insurance and asset management operations in accordance with EBRD's Environmental Guidelines for Insurance Sector.

Technical Cooperation

TC for insurance training may be provided.

Company Contact

 

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

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

Project Complaint Mechanism (PCM)

The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.

Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.