CenterCredit has been recognized as the most dynamically developing bank in Kazakhstan under the program of small enterprise financing by EBRD in 2003

/Kazakhstan today, October 15, 03/ - CenterCredit has been recognized as the most dynamically developing bank in Kazakhstan under the program of small enterprise financing by EBRD in 2003, CCB informed. CCB cooperates with EBRD on this program from the moment it was launched. The initial limit prescribed to the bank was $6 mn. As for today this limit has been increased twice and equals to $12 mn. EBRD started realization of the program on small enterprises in 1998 in cooperation of Almaty city branch of BankCenterCredit OJSC. At the beginning of 1999 the number of loans in total loan portfolio of the bank amounted to 174 loans for more than $1 mn, in the beginning of 2001 these figures rose to 600 loans and $3.3 mn respectively, and finally, as of beginning of April 2003 the bank has claims on 1300 loans for total amount of $7.6 mn. Until 2003 only 6 branches of the bank worked under the EBRD program in Almaty, Atyrau, Aktobe, Shymkent, Zhezkazgan and Petropavlovsk. In 2003, new EBRD sectors within CenterCredit bank in Aktau, Uralsk, Kyzyl-Orda, Pavlodar, Astana, Taraz and Satpayev were opened. At present time CCB works under EBRD's credit line in 13 cities of Kazakhstan, and by the end of the current year it intends to increase their number up to 15, by opening EBRD sectors in Ust'-Kamenogorsk and Kostanai branches. During the next year CenterCredit plans to open EBRD financing sectors in the rest of bank's branches as well as to increase the volume of a loan portfolio from current $13 mn to more than $20 mn. As was informed previously, resuming the results of 5-year period the top management of EBRD named its program of small enterprise financing in Kazakhstan as one the most successful compared to similar programs, undertaken by this financial institution in other countries. [2003-10-15]