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
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
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.
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.