ASTANA (TCA) — The European Bank for Reconstruction and Development (EBRD) is continuing to support domestic small and medium-sized enterprises (SMEs) in Kazakhstan. A new project will help INTELLPACK – a privately owned distributor of warehouse equipment and producer of stretch film and duct tape – expand its operations in the country, the Bank said on March 15.
This is the first project of the Bank’s Agribusiness team in Kazakhstan with an SME client, which is supplying its products to companies in the food and beverage sector. A five-year KZT 700 million (equivalent to around US$ 2 million) loan will consist of two equal tranches, committed and uncommitted, and will finance renovation of a recently acquired warehouse and administrative facility, as well as the renewal of the transportation fleet and other capital expenditure.
The project is expected to increase INTELLPACK’s overall storage capacity by more than 50 per cent and will help improve its operational efficiency.
The work is expected to benefit from the support of the EU’s Investment Facility for Central Asia (IFCA).
The EBRD has been working with INTELLPACK since 2014, in the context of its Advice for Small Business programme, aiming to improve the firm’s financial and operational management. These technical cooperation programmes were funded by the governments of Kazakhstan and the United States of America, and by the EU.
To date, the EBRD has invested over US$ 8.7 billion in the economy of Kazakhstan.
