Kazkommertsbank JCS in the framework of SMB program obtained a loan amounting to KZT 7.4 billion

/IRBIS, October 13, 2011/ - JSC "Kazkommertsbank" in accordance with the investment financing program for small and medium enterprises (SMEs) of the Asian Development Bank (ADB) has obtained from "Entrepreneurship Development Fund "Damu" loan of 7.4 billion tenge, reports the press service of the Bank. The report stated that the funds received by the bank will be used for concessional lending to small and medium-sized businesses at a rate of 12.5% per annum for 5 years (from 13.96 GESV% per annum). "The maximum amount of an individual loan under this program will be 440 million tenge, the purpose of financing - working capital financing, acquisition of new and modernization of existing fixed assets. Duration of Program of funding will be until August 2016", - was said in a statement "We believe that the funds provided by the Asian Development Bank via the Fund in such favorable conditions, be able to provide tangible support to our clients in developing their business", - said the managing director of JSC "Kazkommertsbank" Adil Batyrbekov whose words are reported. As noted in the report, the credit allocated by the Asian Development Bank (ADB) through the Fund "Damu" and JSC "Kazkommertsbank" to small and medium businesses, is the only one to date, the loan granted by an international development institution in the national currency. This will eliminate foreign exchange and interest rate risks for banks and borrowers of SMEs. [2011-10-13]