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Almaty, Kazakhstan, May 22, 2013—
IFC, a member of the World Bank Group, is providing a loan to SB Sberbank JSC in Kazakhstan, expanding its lending capacity to small and medium enterprises (SMEs) that are key to the country’s economic growth.
The $70 million loan, denominated in Kazakh Tenge, supports the banks’ priority to increase financing for SMEs, helping them grow and diversify the Kazakh economy. The new deal builds on the partnership between IFC and SB Sberbank JSC, which has developed since last year when the bank joined IFC’s Global Trade Finance Program.
"Sberbank is focusing on financing SMEs. This investment will increase our long-term lending to SMEs, which are crucial for the country’s economy,” said Alexandr Kamalov, Chairman of the Management Board of SB Sberbank JSC.
The loan is being provided in local currency at a time when long term funding is limited for Kazakh banks.
“IFC supports Kazakhstan’s strategy to diversify its economy by facilitating SME growth,” said Tomasz Telma, IFC Director for Europe and Central Asia. “Improved access to finance is essential for SMEs to develop, increase output, and create much-needed jobs.”
Kazakhstan became a member of IFC in 1993 and is IFC’s largest client in Central Asia. As of March 31, 2013, IFC’s portfolio in Kazakhstan stands at $377 million with investments in financial markets, manufacturing, and services sectors.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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About Sberbank SB JSC
Sberbank SB JSC has been a subsidiary bank of Sberbank of Russia in Kazakhstan since 2006. The Bank is the 6th largest bank in Kazakhstan with 13 branches and 80 sub-branches. Core activity of Sberbank SB JSC is to serve the private sector clients in Kazakhstan. For more information about SB Sberbank JSC, visit
www.sberbank.kz
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