EBRD gives a $6 m. loan to Bank CenterCredit JSC (Kazakhstan) for agricultural equipment financing

/IRBIS, Assel Omarova, November 26, 04/ - Bank CenterCredit JSC (Almaty), whose securities are traded in Kazakhstan stock exchange's (KASE) official "A" listing category, has spread press-release saying on November 26 of 2004 the bank signed agreement with European Bank for Reconstruction and Development (EBRD) for a total of $6 m. for 6 years. The aim of borrowing is financing of agricultural equipment. In accordance with the presented information the credit line will let increase financing accessibility for private farms and companies of agricultural business in Kazakhstanе for purchase and leasing of the key agricultural equipment. Total volume of financing of agricultural sector of Bank CenterCredit JSC and Center Leasing LLP within nine months of this year reached KZT9.2 bn. that is 3.5 times more than in 2003. "Opening of the new credit line on agricultural equipment financing is based on successfulness of EBRD's Grain Receipts Program, the aim of which is development of financial alternatives for Kazakhstan sector of agricultural business. Bank CenterCredit played the key role in this Program during its introduction, starting from the middle of 2001, controlling the growing volumes of financing for its clients", - says the release. According to date of Bank CenterCredit JSC, Kazakhstan agricultural sector at present gives less than 9% of the whole production of the country, import dominates at the domestic market, although 43% of population live in rural area. The borrowed credit line will contribute to technical re-equipment of agricultural branch and will increase its competitiveness and abilities to become a full participant of the international agricultural sector. Assets of Bank CenterCredit JSC, summarizing results of the III quarter of 2004, have exceeded $1 bn. Since the beginning of 2004 bank's assets have grown by more than 70%, and compared with October 1 of 2003 - by 88%. Bank's net income grew in the III quarter of 2004 2.7 times in comparison with similar period of 2003 to KZT1.8 bn. Shareholders equity grew in 2004 by 40% and equaled by October 1 of 2004 to KZT15 bn. Bank CenterCredit JSC is one of five biggest Kazakhstan banks. As of October 1 of 2004 the bank had 19 branches and 97 cash-settlement offices in Kazakhstan. Since the beginning of the year 14 new cash-settlement offices have been opened. Bank has "Ва1" rating on bank deposits in foreign currency assigned by Moody's Investors Service and "В+" assigned by Fitch Ratings. [2004-11-26]