KAZKOMMERTS POLICY

Location:

Kazakhstan

Project number:

26848

Business sector:

Insurance, Pension, Mutual Funds

Notice type:

Private

Environmental category:

FI

Approval 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

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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