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
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.
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.
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,