Temirbank (Kazakhstan) opened $1 mln credit line for business

/IRBIS, March.1, 00/ - REUTERS informs, with the reference to public relations department of the bank, that Kazakhstani Temirbank and Small business development fund have signed $1 mln new credit line. This small business financing program was initiated by European bank for reconstruction and development (EBRD) and Small business development fund, is said. The chairman of Temirbank says it is early to talk about reanimation of big productions and EBRD program is rather a social oriented than commercial oriented. The bank have already financed 34 projects for $360,000 through EBRD. It has been also assigned as an operator of import substitution program developed by the government of Kazakhstan, and is an agent for the second tranche of Asian development bank's loan for agricultural sector. The bank is also working on utilization of the World bank's loan to support agriculture. OJSC Temirbank is a private bank and is among big and stable banks of the country with KZT1.4 bln announced authorized capital, and KZT1.411 bln of shareholders' equity as of October 1, 1999. The bank has 26,000 private persons and legal entities as its shareholders. Last year the bank's branches increased to 25 from 15 in 1992. It received an open people's joint stock company status from August 11, 1999.