Kazkommertsbank (Kazakhstan) to dispense SME loans under ADB investment plan

13.10.11 17:38
/KASE, October 13, 11/ - Kazkommertsbank (Almaty), whose securities are officially listed at Kazakhstan Stock Exchange (KASE), has provided KASE with the following press-release of October 13, 2011: quote Kazkommertsbank (the "Bank"), one of the largest banks in Kazakhstan and Central Asia, announces today that DAMU Small Entrepreneurship Development Fund has extended a loan to the Bank in the amount of KZT 7.4 billion as part of the investment program of Asian Development Bank (ADB) for financing small and medium businesses. The proceeds received by Kazkommertsbank will be used to provide SME clients with funding at a rate of 12.5% per annum for up to five years (effective rate from 13.96 % per annum) to finance working capital and investments into new and modernization of existing fixed assets. Maximum loan amount per borrower - KZT440 m, financing purposes - replenishment of working capital, purchase of new and modernization of current fixed assets. The program will last until August 2016. unquote The full press-release is available on KASE website, at: - http://www.kase.kz/files/emitters/KKGB/kkgb_reliz_131011.pdf - in Russian; - http://www.kase.kz/files/emitters/KKGB/kkgb_reliz_131011_e.pdf - in English. [2011-10-13]