EBRD to provide $30-mln loan for Kazakhstan’s VTB subsidiary
2012-05-30 17:11:06
The EBRD will provide a loan worth 30 million US dollars for Kazakhstan’s subsidiary of VTB Bank. The funds will be spent to finance SMEs.
The European Bank for Reconstruction and Development, EBRD, may provide the Kazakh bank of VTB Group a loan worth 30 million US dollars for further funding of small and medium-sized businesses, the Interfax news agency reported citing EBRD. The funds will be provided in tenge, Kazakhstan’s national currency. VTB Kazakhstan is expected to issue medium-term loans to companies outside Astana and Almaty. VTB Kazakhstan Bank was established in May 2009. As of March 31, 2012 the amount of its assets equaled 467 million US dollars.