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| This Summary of Project Information is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. |
Summary of Project Information (SPI) |
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| Project number | 7824 |
| Project name | SEF NefteBank |
| Country | Kazakhstan |
| Sector | Finance & Insurance |
| Department | Global Financial Markets Group |
| Company name | OJSC NefteBank |
| Environmental category | FI |
| Date SPI disclosed | October 12, 2000 |
| Projected board date | November 20, 2000 |
| Status | Completed |
| Previous Events | Invested: July 20, 2001
Signed: May 16, 2001
Approved: March 28, 2001 |
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| Project sponsor and major shareholders of project company |
| NefteBank was formed in 1993 by a group of oil companies as a closed stock company to provide commercial banking services to the oil & gas industry in West Kazakhstan, and in 1994 changed to an open joint stock company. As of December 31, 1999 NefteBank had 1, 233 shareholders comprising of 28 legal entities and 1, 205 physical individuals. The ten largest shareholders, seven legal entities and three individuals, own approximately 64% of the outstanding shares. |
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| Total project cost and proposed IFC investment |
| The proposed IFC investment in NefteBank is a seven-year floating rate loan for IFC's own account, in the amount of up to US$2.5 million, partially convertible into equity at book value. |
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| Location of project and description of site |
| NefteBank is headquarted in Aktau and has four branches in Western Kazakhstan and one in Almaty. |
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| Description of company and purpose of project |
| NefteBank is a strong, conservative, well-managed, second-tier Kazakh commercial bank. The project involves a credit line to NefteBank, which has emerged as the leading regional bank, covering Western Kazakhstan and catering predominantly the oil and gas exploration companies in the Caspian Sea region, as well as supporting the SME sector in the Mangistau region. The proposed IFC loan will be used to finance SMEs in Western Kazakhstan. The Mangistau region has a growing SME market that is currently being underserved and lacks access to funding. IFC will facilitate SMEs' access to term financing, which is scarce in Kazakhstan. The ultimate goal of this project is to create a viable banking institution and creditworthy private enterprises, which could eventually become attractive opportunities for foreign direct investment. |
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| Environmental and social issues - Category FI |
This is a Category FI Type 2 project according to IFC's environmental and social review procedure. Neftebank will undertake environmental reviews of eligible sub-borrowers and sub-projects to ensure compliance with host country environmental, health and safety requirements and with applicable IFC policies and guidelines.
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| Not applicable |
| To contact the project company, please write to: |
| mgorshkova@ifc.org |
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