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Tuesday, January 28th, 2020

FORTEBANK RAISES $60MLN FROM EBRD TO FINANCE ENTREPRENEURSHIP

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by December 30, 2019 Health

ForteBank became a member of the program for financing micro, small and medium-sized businesses by raising funds from the EBRD. This program will help the bank actively lend to enterprises of Kazakhstan on more favorable terms, ForteBank’s press service informs.

The general financing package includes a 3-year loan in the amount of 50 million US dollars in tenge for financing entrepreneurs and 10 million US dollars in tenge for the development of women’s entrepreneurship.

The agreements were signed on 27 December 2019 at the head office of ForteBank.

Support for small and medium-sized businesses in Kazakhstan is one of the strategic areas of ForteBank. We are pleased to continue cooperation with the European Bank for Reconstruction and Development. This is the second loan that the bank is attracting from the EBRD, and we are very pleased that this time the funds were raised without additional guarantees. The first loan in the amount of 60 million US dollars in tenge was received in 2016 and is now being successfully implemented. ForteBank funded 409 borrowers under the program for financing micro, small and medium sized entities and 96 under the Women in Business program. ForteBank will continue to actively develop financing in this area, Guram Andronikashvili, Chairman of the Board of ForteBank, said.

According to the results of 2018, ForteBank is one of the three largest banks in Kazakhstan in terms of assets and occupies a leading position in terms of capitalization and liquidity.

The ForteBank mobile app was recognized as number one in Kazakhstan and among the 10 best in the CIS according to the Russian analytical agency Markswebb. ForteBank became Bank of the Year in Kazakhstan according to Global Finance and Asiamoney.

Source: Kazakhtan 2050

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