Subsidiary Organization of Bank VTB (Kazakhstan) signed an agreement with EBRD to the amount of $20 mln

26.04.11 15:45
/KASE, April 26, 11/ - Subsidiary Organization of Bank VTB (Kazakhstan) (Almaty), bonds of which are officially listed on Kazakhstan Stock Exchange (KASE), provided to KASE the following press release of April 25, 2011: quotation April 20, 2011 a loan agreement signed to provide the European Bank for Reconstruction and Development (EBRD) to the daughter company of Bank VTB (Kazakhstan) a loan for U.S. $ 20 million. Funds provided for the purposes of trade financing. The EBRD loan will help the Bank VTB (Kazakhstan) in service companies, leading foreign trade activities, and simplify the process of granting loans with longer maturities. "We believe that by signing this agreement, VTB Bank (Kazakhstan) will be able to support a greater number of importers and exporters in Kazakhstan, and will increase the trade turnover between Kazakhstan and other countries" - said Rudolf Putz, Head of the EBRD`s Trade Promotion Program. The EBRD Trade Promotion Program stimulates foreign trade. With this program, the EBRD provides guarantees to international banks confirming letters of credit, taking on political risk and the risk of non-payment of trade in foreign trade operations. The investment strategy of the Bank for Kazakhstan focuses directly on the support of the corporate sector, studying the financial needs of the market, as well as to stimulate economic diversification and innovation. Following 2010, the Republic of Kazakhstan won the second place (after Russia) on volume of transactions within the framework of trade facilitation among all partner countries the EBRD. Sergey Gusarov, Chairman of the Board to the JSC VTB Bank (Kazakhstan) said: "Signed with the EBRD loan agreement will allow us to finance and carry out transactions with the confirmation of letters of credit at lower interest rates. In addition, the Bank will be able to confirm letters of credit with foreign banks without opening lines of credit, using the high image of the EBRD". SO Bank VTB (Kazakhstan) Press Service Tel.: (727) 330-40-72 Fax: (727) 330-40-50 email: pr@vtb-bank.kz www.vtb-bank.kz ends [2011-04-26]