Summary of Proposed Investment
Project Number
7824
Company Name
OJSC NefteBank
Date SPI Disclosed
Oct 12, 2000
Country
Kazakhstan
Industry
Financial Markets
Projected Board Date
Nov 20, 2000
Status
Completed
Sector
Commercial Banking - Microfinance and Small Business
Department
Regional Industry FIG MCT
Environmental Category
FI
Previous Events
Approved : Mar 28, 2001
Signed : May 16, 2001
Invested : Jul 20, 2001
Project Description
NefteBank is a strong, conservative, well-managed, second-tier Kazakh commercial bank. The project involves a credit line to NefteBank, which has emerged as the leading regional bank, covering Western Kazakhstan and catering predominantly the oil and gas exploration companies in the Caspian Sea region, as well as supporting the SME sector in the Mangistau region. The proposed IFC loan will be used to finance SMEs in Western Kazakhstan. The Mangistau region has a growing SME market that is currently being underserved and lacks access to funding. IFC will facilitate SMEs'' access to term financing, which is scarce in Kazakhstan. The ultimate goal of this project is to create a viable banking institution and creditworthy private enterprises, which could eventually become attractive opportunities for foreign direct investment.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
mgorshkova@ifc.org