Halyk savings bank of Kazakhstan JSC signed memorandum about transmission of authorities from EBRD for independent realization of Kazakhstan Small Business Program

/IRBIS, Assel Omarova, September 21, 05/ - Halyk savings bank of Kazakhstan JSC (Almaty, hereinafter - Bank) informed Kazakhstan stock exchange (KASE) by the official letter that, on September 21, 2005 the Bank together with authorized representatives of European Bank of Reconstruction and Development (EBRD) signed memorandum about transmission of authorities from EBRD for independent realization of Kazakhstan Small Business Program (Program). The Bank fulfills realization of the Program on credit line of EBRD since 1998. Main task of the Program in compliance with purposes of EBRD and the Government of the Republic of Kazakhstan, which is initiator of the project, was providing access to financial resources for subjects of micro and small business through creation of necessary institutional structures, and also implementation of corresponding crediting methods. During the whole period of realization of the Program 579 specialists were prepared for the Bank, many of them at present are managers of medium or higher groups, as Halyk savings bank of Kazakhstan JSC, as well as other commercial banks. More than 150 specialists at present fulfill realization of the Program in 17 oblast (regional) and 14 regional branches of the Bank. During 7 years of joint activity the Bank in the frame of the Program granted more than 40,000 credits for the amount $222 m. Current loan portfolio is $71 m. (more than 11 000 credits) with level of past-due loans less than 1%. "Accepting authorities from EBRD for independent realization of Kazakhstan Small Businesses Program, Halyk Bank sets the task to keep credit technology of EBRD, providing reasonable level of loan portfolio, and also selection mechanisms and multilevel system of specialists training, which proved its efficiency", - the Bank's Chairman of the Board assured. [2005-09-21]