The European Bank for Reconstruction and Development (EBRD), a UK-based multilateral development institution, is considering loaning the local-currency equivalent of USD 60 million to joint stock company Zhilstroysberbank (ZSB), a housing finance bank in Kazakhstan, in order to finance residential mortgage loans for individuals.
As of 2017, ZSB has total assets of USD 2.2 billion and 32 branches. The bank is a subsidiary of Baiterek Holding, an instrument of the government of Kazakhstan that manages economic, development and financial institutions in the country.
EBRD was founded in 1991 and has 65 shareholding countries as of 2017. With a focus on “the promotion of private and entrepreneurial initiative,” it invested EUR 9.4 billion (USD 10.1 billion) in companies in 30 countries during 2016.
By Ryan Gauthier, Research Associate
Sources and Additional Resources
MICROCAPITAL BRIEF: EBRD Lending Local Currency Worth $20m to OTP Leasing of the Ukraine:
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