MORTGAGE LOAN: BTA IPOTEKA
Non-depository Credit (non bank)
05 Nov 2002
16 Sep 2002
A proposed loan to BTA Ipoteka, a 100% owned subsidiary of Bank TuranAlem (BTA).
EBRD's loan would help BTAI better manage its balance sheet (matching tenor of funding with assets) and reduce funding costs, which would increase the amount of retail mortgage lending it can make available.
EBRD's proposed loan would be the first case of a mortgage lender utilising its mortgage receivables to help securitise international obligations. The loan would help advance development mortgage securitisation in Kazakhstan more generally.
BTA Ipoteka (BTAI), established in late 2000, is a subsidiary of Bank TuranAlem specialising in mortgage finance. As of mid-year 2002, BTAI is one of the most active retail mortgage lenders in Kazakhstan.
Up to 7-year, USD 5 million loan (EUR 5.05 million), provided in two tranches of USD 2.5 million each.
USD 5 million loan (EUR 5.05 million).
The environmental impact from the project will be low as the borrower is committed to comply with the financing restrictions stated on EBRD’s Environmental Exclusion List for Financial Institutions as well as with EBRD’s Environmental procedures for Intermediate Financing through Local Banks.
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