IFC to Make First Investment in Kazakhstan’s Leasing Sector
In Washington
Georg Schmidt
Phone: +1 (202) 458-2934
Fax: +1 (202) 974-4384
Email: Gschmidt@ifc.org
Almaty, April 20, 2005 — The International
Finance Corporation, the private sector arm of the World Bank Group, has
signed an agreement to invest in the leasing subsidiary of Kazakhstan’s
second largest bank, Bank Turan Alem, together with ORIX Corporation of
Japan, the largest Japanese leasing company, and ORIX Leasing Pakistan.
IFC will become a minority shareholder in the new joint venture, BTA ORIX
Leasing.
The joint venture partners will provide institutional capacity building
to expand BTA’s leasing operations. In addition, risk management and corporate
governance will be strengthened through technical expertise from the ORIX
group. These measures will help BTA meet private sector financing needs
in a better way and consolidate its position as one of Kazakhstan’s leading
leasing companies.
Khosrow Zamani, IFC’s director for Southern Europe and Central Asia, noted,
"One of our main objectives in Kazakhstan is to help specialized financial
institutions like BTA Leasing provide a better service to SME clients.
IFC and its co-investors aim to ensure BTA Leasing’s sustainable business
success and will provide broad support, including capacity building efforts
and knowhow transfer.”
Jyrki Koskelo, IFC’s director for global financial markets, added, “IFC
has had a strong institution-building role in the development of Kazakhstan’s
financial markets. In strengthening one of the leading local leasing companies,
we are continuing to support the country’s financial sector.”
BTA Leasing’s chief executive officer, Lazzat Assabayeva, said, “BTA
Leasing is extremely pleased to partner successfully with IFC. We thank
IFC for the confidence placed in us and look forward to continuing our
good cooperation.”
ORIX Leasing Pakistan’s chief executive officer, Humayun Murad, added,
“This is the ORIX group's first venture in the region with IFC and Bank
Turan Alem. Kazakhstan is making tremendous economic progress and is ideally
suited for the development of SME-oriented leasing, in which ORIX specializes.”
The mission of IFC (www.ifc.org)
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, helps clients improve social and environmental sustainability,
and provides technical assistance and advice to governments and businesses.
From its founding in 1956 through FY04, IFC has committed more than $44
billion of its own funds and arranged $23 billion in syndications for 3,143
companies in 140 developing countries. IFC’s worldwide committed portfolio
as of FY04 was $17.9 billion for its own account and $5.5 billion held
for participants in loan syndications.
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