EBRD gave a $10 m. loan to Bank CenterCredit JSC (Kazakhstan) in the frame of Kazakhstan Program of Small size Business

/IRBIS, Assel Omarova, December 8, 04/ - Bank CenterCredit JSC (Almaty), whose securities are traded in Kazakhstan stock exchange's (KASE) official "A" listing category, has spread press-release, which informs that on December 8, 2004 the bank signed loan agreement with European Bank for Reconstruction and Development (EBRD) for a total of $10 m. for 4 years. This is the second credit agreement, given by EBRD in the frame of Kazakhstan Program of Small-size Business. The second program of financing of small-size entities in contrast to the second, which was executed through state Fund for support of small and medium enterprises under guarantee of Kazakhstan government, supposes financial crediting of commercial banks directly by EBRD. "Total more than eight thousand loans for total amount of USD60 m. Bank CenterCredit JSC gave in the frame of the Program", - information says. In the opinion of Bank CenterCredit JSC Chairman of the Board Vladislav Li "introduction of program for financing of small-size business will have positive result in decreasing of interest rate for small-size business of Kazakhstan, that, in it's turn will assist to future increase of its competitiveness". Besides crediting of small-size business, Bank CenterCredit JSC collaborates with EBRD on program of trade financing, grain receipt, financing of agricultural equipment and in future plans to expand its collaboration with EBRD on a number of new projects. On November 26, 2004 the bank signed loan agreement with EBRD for total amount of USD6 m. for 6 years, aim of borrowing is financing of agricultural equipment. According to available data volume of crediting of small and medium size business for the first ten months of the current year equaled to KZT41.3 bn., that 55.95% more compared with the beginning of the year. Stake of crediting of small and medium size business in total volume of loan portfolio of Bank CenterCredit JSC equaled to 41% as on October 1, 2004. The highest specific gravity in loan portfolio is for financing of projects in the fields of services (11%), trade (21%), production of goods of national consumption - (4%), agriculture (10%) and construction (7%). By the results of 2003 Bank CenterCredit JSC was acknowledged by EBRD as the most dynamically developing bank in the frame of EBRD program of crediting of small and medium size business. 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. [2004-12-08]