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
