Bank CenterCredit has granted loans to SME of Pavlodar oblast for EUR451 ths under GTZ program

/Kazakhstan today, December 5, 03/ - Bank CenterCredit has granted 281 loans for EUR451 ths to small and medium enterprises of Pavlodar oblast within the Kazakhstan - German joint project, CCB informed. The majority of loans was granted to small enterprises, engaged in retail and wholesale business - 59%, service sector - 27%, agriculture - 6%, manufacturing - 21%. Among loans granted, the financing of starting businesses accounts for 51%, according to the bank's information. Credit line's clients, having successfully realized their ideas, are switching to another credit programs (designed for existing businesses) to borrow larger amounts. "CenterCredit has been chosen as the operator of this project by results of contest among second-tier banks. An agreement on SME financing between CCB and German ICON-Institut has been signed in June 2001 in Pavlodar oblast. Given project is entitled to provide small enterprises including starting businesses with "access to effective supporting opportunities". German ICON-Insitut has undertaken this project by request of German society on technical cooperation GmbH (GTZ) within the interstate agreement signed by Kazakhstan and Germany. According to Maxat Alzhanov, deputy director of Bank CenterCredit OJSC said that, "there are opportunities to develop mutual cooperation", and accordingly, total volume of credit line resources, provided by German government". [2003-12-05]