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EIB gives 100 million Euro to Sberbank for SMBs in Kazakhstan

24 february 2014, 15:45
0
Sberbank and European Investment Bank signed a loan agreement. ©sberbank.kz
Sberbank and European Investment Bank signed a loan agreement. ©sberbank.kz
Sberbank and European Investment Bank signed a loan agreement. ©sberbank.kz
Sberbank and European Investment Bank signed a loan agreement. ©sberbank.kz
The European Investment Bank (EIB) and Sberbank offer new opportunities for small and mid-sized business of Kazakhstan, Tengrinews reports.

A new loan agreement between Sberbank and the European Investment Bank was signed in Astana. EIB is extending a 100 million Euro loan to Sperbank for small and mid-sized business development in Kazakhstan. The document was signed by Vice-President of EIB Wilhelm Molterer and Vice-Chairman of the Board of Sberbank Kazakhstan Eldar Tenizbayev.

The Minister of Foreign Affairs of Kazakhstan Yerlan Idrisov also took part in the ceremony of signing of the agreement. "The European Union views Kazakhstan as the leader in the Central Asian region. Europe is the source of almost half of all the direct foreign investments Kazakhstan has got since the Independence. This demostrates that we have a very serious partnership. The deal between the EIB and Sberbank is another evidence of the high trust the European Union puts in Kazakhstan and the attractiveness of our investment climate," Yerlan Idrisov said.

The loaned money will be channelled into long-term funding for small and mid-sized business, the priority direction of Sberbank's activities. This is expected to contribute to development and diversification of the Kazakhstan economy in general.

"The support of the European Investment Bank will help significantly expand the capabilities of Sberbank to provide long-term financing to Kazakhstan entrepreneurs, whose growth and development are very important for the country," Eldar Tenizbayev, Vice-Chairman of the Board of Sberbank's Kazakhstan subsidiary, said.


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