BAKU, Azerbaijan, November 3. The European Bank
for Reconstruction and Development (EBRD) will share half the risk
on a 3.7 billion tenge ($8.2 million) loan provided by Kazakhstan's
Bank CenterCredit (BCC) to restaurant operator AB Restaurants
(ABR), the EBRD said.
Under the risk-sharing agreement, the financing will support
ABR's operations and long-term growth strategy.
The company will use the funds to renovate and change the
concept of five existing restaurants and open up to five new
outlets in Almaty and Astana, Kazakhstan's two largest cities.
The financing will help strengthen ABR's balance sheet and
support its long-term growth strategy. It is also expected to
stimulate competition in the food-service sector.
ABR, one of the largest restaurant chains in Kazakhstan,
operates 48 restaurants that serve around 7 million guests
annually.
Kazakhstan joined the EBRD on July 27, 1992. The bank has
invested almost $13.6 billion in the country to date through 361
projects, making Kazakhstan the largest and longest-running
recipient of EBRD investment in Central Asia.
In Kazakhstan, the EBRD aims to boost private-sector
competitiveness and connectivity, as well as strengthen economic
governance. The bank also supports Kazakhstan's green transition
towards carbon neutrality and climate resilience, while promoting
economic inclusion and gender equality through greater
private-sector engagement.
