Almaty, Kazakhstan, November 17, 2009—
IFC, a member of the World Bank Group, will provide long-term capital support to JSC ATFBank with a $60 million subordinated loan, helping promote access to finance for small and medium enterprises in Kazakhstan.
IFC’s investment will help increase the availability of banking services and financial products for Kazakh small and medium enterprises at a time of limited funding opportunities in the country and the challenging global economic environment. The investment also will help the bank diversify, increase the volume of funding, and better manage its asset and liability position. The bank is a subsidiary of UniCredit Group.
“We are pleased to have this cooperation with IFC,” said Alexander Picker, Chairman of ATFBank. “IFC’s loan will help us increase our support to local enterprises and expand our role in small and medium enterprise financing in Kazakhstan.”
Edward Strawderman, IFC Senior Manager for Financial Markets in Southern Europe and Central Asia, said, “UniCredit Group is a key partner for IFC in the region, and we are pleased to establish a partnership with its subsidiary, ATFBank, to boost access to finance, the foundation for private sector growth and jobs creation in Kazakhstan. The project reflects IFC’s continued support to financial institutions in Kazakhstan.”
Kazakhstan became a member of IFC in 1993. As IFC’s largest client in Central Asia, the country has received commitments of more than $800 million of IFC’s own funds and over $400 million in syndications through June 2009.
IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD,
it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including by assisting financial institutions to boost available financing for small and medium enterprises, such as those in Kazakhstan.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. It fosters sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
.
About ATFBank-Kazakhstan
Operating for 14 years, JSC ATFBank is the fourth largest bank in Kazakhstan and is continuously expanding its country-wide network. The bank is a universal financial institution with a broad range of financial services. In 2007, ATFBank was acquired by UniCredit Group, which is headquartered in Milan. For more information, visit
www.atfbank.kz
.
