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Summary of Project Information (SPI) |
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| Project number | 8868 |
| Project name | SEF Kazkommertsbank SME Credit Line |
| Country | Kazakhstan |
| Sector | Finance & Insurance |
| Department | Global Financial Markets Group |
| Company name | Kazkommertsbank |
| Environmental category | FI |
| Date disclosed | March 11, 1999 |
| Status | Completed |
| Previous Events | Invested: December 3, 1999
Signed: August 30, 1999
Approved: April 12, 1999 |
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Summary Of Project Information (SPI)
| Project Name: | Kazakhstan - SEF Kazkommertsbank SME Loan |
Region:Central Asia, Middle East and North Africa
Sector:
Project No:008868
Projected Board Date:April 12, 1999
Company Name:Kazkommertsbank
Technical Partner and/or Major Shareholders
The senior management of Kazkommertsbank owns 62% of the Bank’s equity. American and European investment funds own 32% of the Bank's equity via ADRs as a result of the 1997 international equity offering. Individuals and other minority shareholders own the remaining 6% of the Bank’s equity.
Project Cost Including proposed IFC investment
IFC will provide a credit line to Kazkommertsbank of up to US$2.5 million.
Location of project and Description of site
The credit line will be onlent to SMEs in the Karaganda region. The primary purpose of this loan is to support the development of SMEs directly or indirectly associated with Ispat Karmet and/or to assist workers formerly employed by Ispat Karmet and/or to provide for the growth of the private sector in the Karaganda region.
Description of Company and Purpose of Project
Following the privatization of Ispat Karmet, the largest steel plant in the former Soviet Union, the subsequent restructuring has created a range of opportunities for SMEs to provide goods and services which were previously produced internally within the Company. This project will also help generate employment opportunities in the region.
Kazkommertsbank is the leading private bank in Kazakhstan. Established in 1992, the bank provides a range of commercial and investment banking services to its private sector client base. Estimated assets and equity as at year-end 1998 are US$506 million and US$115 million. Kazkommertsbank is well known to IFC and received an IFC loan of US$10 million in 1997.
Environmental Category and Issues
This is an environmental review category (FI) project. The bank will be required to undertake an environmental review of each sub-project. In addition, IFC will assess the Bank's capability to carry out environmental reviews. Under IFC's proposed new environmental review procedure, this would be a category FI Tier 2 project. If and when the procedure is approved, it will apply to this project.
The is from the InfoShop.
| Date SPI sent to InfoShop: | March 11, 1999 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384 |
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