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Zhilstroysberbank Mortgage Loan



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:




PSD disclosed:

07 Sep 2017

Translated version of this PSD: Russian

Project Description

A senior loan of up to € 50 million in Kazakh tenge (KZT) equivalent to JSC Zhilstroysberbank ("ZSB") for the provision of residential mortgage loans to eligible private individuals.

Project Objectives

The Project is aimed at the development of the Kazakhstan financial sector and is expected to contribute to the following objectives: (i) development of mortgage lending in the country via supply of the long-term financing, whose utilisation will be linked to the implementation of sound mortgage lending criteria, (ii) improved housing conditions for private individuals, and (iii) further strengthening of ZSB's internal processes and procedures to facilitate potential privatisation of the bank in the medium term.

Transition Impact

The Project seeks to contribute to (i) the resilience of the residential mortgage market through sustainable and commercially orientated growth and (ii) competitiveness of an important market participant on its path to further commercialisation. Accordingly, its transition impact is expected to stem from facilitating the expansion of residential mortgage financing through this local currency loan and use of sound lending criteria in Kazakhstan, where mortgage penetration remains low, and institutional strengthening of ZSB to support the bank's privatisation in the medium-term.

Client Information


ZSB, a state-owned bank within the national holding Baiterek, was established in 2003 with a policy mandate to develop the housing and mortgage market in Kazakhstan. The bank operates a savingsbased business model, which is mostly funded by customer deposits. As of July 2017, ZSB is the 11th largest bank in the country with total assets of US$ 2.2 billion, shareholder's equity of US$ 400 million and 32 branches and outlets. The bank is currently rated BBB-/stable by Fitch and Baa3/stable by Moody's.

EBRD Finance Summary

EUR 50,000,000.00

Total Project Cost

EUR 50,000,000.00

Environmental and Social Summary

Categorised FI (ESP 2014). ZSB is a new client of the Bank and will be required to conduct their business in accordance with EBRD's Performance Requirements 2 and 4, implement the EBRD's E&S Procedures for Mortgage lending all in accordance with PR9. The Bank will also be required to submit Annual Environmental and Social Reports to the Bank.

Technical Cooperation

It is expected that the Project will be supported by the Technical Cooperation package to assist ZSB with strengthening its internal procedures, processes and corporate governance.

Company Contact Information

Aidana Saifullayeva
+7 (727) 279 35 11 ext. 00369
050000, Republic of Kazakhstan, Almaty, Abylai Khan avenue, 91

Business opportunities

For business opportunities or procurement, contact the client company.

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