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IFC Investment in ATFBank to Help Small Businesses in Kazakhstan Access Financing

Almaty, Kazakhstan, November 17, 2009 - IFC, a member of the World Bank Group, will provide long-term capital support to JSC ATFBank with a $60 million subordinated loan, helping promote access to finance for small and medium enterprises in Kazakhstan.

IFC's investment will help increase the availability of banking services and financial products for Kazakh small and medium enterprises at a time of limited funding opportunities in the country and the challenging global economic environment. The investment also will help the bank diversify, increase the volume of funding, and better manage its asset and liability position. The bank is a subsidiary of UniCredit Group.

"We are pleased to have this cooperation with IFC," said Alexander Picker, Chairman of ATFBank. "IFC's loan will help us increase our support to local enterprises and expand our role in small and medium enterprise financing in Kazakhstan."

Edward Strawderman, IFC Senior Manager for Financial Markets in Southern Europe and Central Asia, said, "UniCredit Group is a key partner for IFC in the region, and we are pleased to establish a partnership with its subsidiary, ATFBank, to boost access to finance,the foundation for private sector growth and jobs creation in Kazakhstan. The project reflects IFC's continued support to financial institutions in Kazakhstan."

Source: IFC in Europe and Central Asia

20 2009 | View: 903 | News / Theme of day | Printint version
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