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Summary of Project Information (SPI)
Project number7287
Project nameKazkommertsbank
CountryKazakhstan
SectorFinance & Insurance
DepartmentGlobal Financial Markets Group
Company nameKazkommertsbank
Environmental categoryFI
Date disclosedAugust 28, 1996
StatusCompleted
Previous EventsInvested: December 3, 1997
Signed: June 23, 1997
Approved: February 26, 1997
Summary Of Project Information (SPI)
Project NameRepublic of Kazakstan-Credit Line to Kazkommertsbank
     
RegionCentral Asia
Sector
Project No007287
Projected Board DateDecember 1, 1996
Company NameKazkommertsbank
Technical Partner and/or Major Shareholders

Kazkommertsbank is fully-owned by private Kazak investors.

Project Cost Including proposed IFC investment

IFC will extend a five-year floating-rate loan of up to US$10 million. In addition, up to 20% of the outstanding principal amount of IFC’s A loan would be convertible into equity.

Location of project and Description of site

Almaty, Kazakstan

Description of Company and Purpose of Project

The project will provide a long-term loan facility of approximately US$10 million to Kazkommertsbank, one of the leading private banks. The credit line facility will broaden Kazkommertsbank’s funding base and will be used for project finance, trade finance and the provision of working capital, including loans to small and medium-scale enterprises, thereby contributing to the development of the private sector in Kazakstan.

Environmental Category and Issues

Environmental Category “FI” - Kazkommertsbank will be required to undertake an environmental risk management system for the credit line. In addition, IFC will assess Kazkommertsbank’s capability to implement the system.
Date SPI sent to PIC August 28, 1996

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