EBRD authorizes ATFBank to take part in its SME lending program

/IRBIS, Zaure Esimova, March 10, 05/ - ATFBank JSC (Almaty, the Bank) with securities traded under official "A" listing category of Kazakhstan Stock Exchange (KASE) released the announcement today which says about ratification of Memorandum between European Bank for Reconstruction and Development (EBRD) and the Bank on authorizing ATFBank to manage the process of lending to SMEs within the realization of a technical part of the program. According to the Bank it is first among Kazakh financial institutions to receive such authorization from the EBRD. "Transferal of authorities assumes full integration of the Program to the structure of the Bank. The process is aimed at retaining loan book quality at high level and follow EBRD's procedures for taking decisions", the release says. The Bank took advantage of technical aid from the side of ААМР (USAID), Japanese government, EU and Chevron under supervision of the EBRD. The ultimate goal was to create conditions allowing the Bank to lend funds to SMEs on regular basis. What is more important is that the Bank will aim at realization not only of commercial projects, but those mentioned in the Program as well. According to the release the Bank has been working under the program since may 1998 and at January 1, 2005 the loan book of EBRD's funds lent to SMEs total $21.2 m. At January 1, 2005 the Bank assets reached $1.4 bn, shareholders equity -$145 m, profit exceeded $22.5 m. [2005-03-10]