- EBRD provides US$ 60 million (€57.6 million) to Bank CenterCredit of Kazakhstan
- Funds to stimulate green lending and support micro, small and medium-sized enterprises
- New growth opportunities for businesses owned or led by youth and women
Companies and households in Kazakhstan will have improved access to green technologies and climate adaptation measures thanks to a new financing package provided by the European Bank for Reconstruction and Development (EBRD) to the country’s major private lender, Bank CenterCredit (BCC). The funds will also be used to create growth opportunities for micro, small and medium-sized enterprises (MSMEs) led or owned by young people or women.
The financing package consists of three loans totalling up to US$ 60 million (€ 57.6 million) and will have the following components:
- A senior loan of up to US$ 30 million (in KZT equivalent) to BCC under the Bank’s Kazakhstan Green Economy Financing Facility II (GEFF Kazakhstan II), which is designed to promote the use of renewable energy sources and help companies and households in the country reduce energy consumption. The loan is supported by the Climate Investment Funds.
- A senior loan of up to US$ 10 million (in KZT equivalent) under the EBRD’s Kazakhstan Women in Business Programme II, which is supported by the government of Kazakhstan.
- A loan of up to US$ 20 million (in KZT equivalent) under the EBRD’s Youth in Business programme in Central Asia targeting MSMEs led or owned by under-35s. Eligible borrowers will also benefit from grants and concessional co-financing.
The EBRD has invested more than €11 billion across 335 projects in Kazakhstan, with most of the funds supporting private entrepreneurship.