Subsidiary Organization VTB Bank (Kazakhstan) and Damu Entrepreneurship Development Fund have signed a Portfolio Guarantee Agreement

23.12.19, 12:47
/KASE, December 23, 2019/ – Subsidiary Organization VTB Bank (Kazakhstan) (Almaty), whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), provided the press release dated December 23, 2019 to KASE, which states as follows: quote Portfolio Guarantee is a limit of the Fund’s trust to the bank. Under this Agreement, the bank is given the opportunity, on the basis of its own examination, to independently decide on the receipt of a guarantee from the “Damu” Fund to secure loans issued by the bank without additional consideration of the loan project by the Fund. This significantly reduces the time required for entrepreneurs to obtain a loan. VTB is the sixth bank in Kazakhstan that included in the portfolio guarantee program. - VTB has become one of the few Kazakhstan banks to which “Damu” Entrepreneurship Fund” JSC has entrusted the decision-making process on issuing the Fund's guarantee. We have been working with “Damu” for a long time and are grateful for the vote of confidence to us. This fact once again confirms that our bank provides a very high level professional financial examination. But most importantly that now our customers will be able to receive the financing, necessary for the development of their business several times faster than before, - said Dmitry Zabello, Chairman of the Board of VTB Bank (Kazakhstan). Portfolio Guarantee applies to projects of Bank clients receiving loans under the state programs “Enbek” and “Business Road Map 2020” aimed at developing entrepreneurship. Under the terms of the Agreement, burgeoning entrepreneurs, as well as those who previously made a loan delinquency or restructured bank loans, will not be able to participate in this project. unquote [2019-12-23]