IFC to Invest $10 Million in ABN AMRO Bank Kazakhstan
In Washington, DC:
Elika Trifonova
Phone: +202 475 8357 - Fax: +202 974 4384
Email: etrifonova@ifc.org
Almaty, Kazakhstan, April 29, 2003—The
International Finance Corporation (IFC), the private sector development
arm of the World Bank Group, has signed a $10 million loan agreement with
ABN AMRO Bank Kazakhstan, one of the leading banks currently operating
in Kazakhstan. The loan will help expand the availability of critically
lacking term financing to productive enterprises in the country. As
the Kazakh economy is growing and the size of local companies is expanding,
it has becoming increasingly difficult for banks to meet the necessary
financing needs of these companies.
“By providing tier-II capital support and expanding the bank’s overall
equity, the project will enable ABN AMRO Bank Kazakhstan to increase its
term lending not only to the existing clients but also and more importantly
to provide funding to the new Kazakh clients,” said Mr. Karl Voltaire,
IFC’s Director for Global Financial Markets.
ABN AMRO Bank Kazakhstan was established in 1994 as a joint-venture with
ABN AMRO N.V. (51%), Kazkommertsbank (29%), and IFC (20%). ABN AMRO’s
technical input and global perspective combined with Kazkommersbank’s
local market knowledge and IFC’s emerging markets expertise and its role
as neutral broker has contributed to the success of this venture. ABN AMRO
Bank Kazakhstan was an early leader in bringing good banking practices
to Central Asia. It is often cited as a model for other banks to emulate
because of its performance, the integrity in conducting business, and the
dedication of the staff to provide the highest quality of service.
Mr. Khosrow Zamani, IFC’s Director for Southern Europe and Central Asia,
said, “We are very pleased to be associated with a project which contributes
to the country’s efforts to support the development of financial markets
and institution-building of financial intermediaries in Kazakhstan. This
project is a demonstration of IFC’s commitment to help Kazakh banks realize
growth opportunities through partnerships, transparency, and good corporate
governance.”
Mr. Jan Willem van den Bosch, Chairman of the Board of ABN AMRO Bank Kazakhstan,
commented, “As one of the most active banks in Kazakhstan, ABN AMRO Bank
Kazakhstan further cements its strong ties with IFC and provides vital
term funding to growing Kazakh businesses. This facility enables us to
strengthen our competitive position in the Kazakh market, and we look forward
to future possible partnerships with IFC in the country.”
Netherlands-based ABN AMRO N.V. (www.abnamro.com)
is one of the world’s largest banks, with total assets of more than EUR
600 billion and with more than 175 years of experience in intermediating
and financing global commerce. ABN AMRO’s activities are grouped
into three strategic business strategic units: Wholesale Clients,
which provides integrated corporate and investment banking services to
corporations, financial institutions, and public sector clients worldwide;
Consumer & Commercial Clients, which focuses on retail and small and
medium-size enterprises in a number of core markets; and Private
Clients & Asset Management, which focuses on private banking and fund
management.
IFC has worked actively to support the development of a strong private
sector in Kazakhstan since it became a member of the Corporation in 1993.
IFC has approved investments for its own account of over $400 million
as well as over $270 million from other sources of financing.
IFC’s mission is to promote sustainable private sector investment in developing
countries, helping to reduce poverty and improve people’s lives. IFC
finances private sector investments in the developing world, mobilizes
capital in the international financial markets, and provides technical
assistance and advice to governments and businesses. Since its founding
in 1956, IFC has committed more than $34 billion for its own account and
arranged $21 billion in syndications for 2,825 companies in 140 developing
countries. IFC’s committed portfolio at the end of FY02 was $15.1
billion, with an additional $6.5 billion held for participants in loan
syndications. For more information on IFC, please visit www.ifc.org.
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