Project description
and objectives:
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A proposed equity investment in Kazkommerts Policy, a non-life insurance company in Kazakhstan and subsidiary of Kazkommertsbank.
The investment will support the development of the Kazakh insurance market and enable Kazkommerts Policy to grow premiums written, retain the higher percentage of premiums and comply with Kazakhstan Central Bank's increasing solvency requirements.
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Transition impact:
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The Project is the first direct equity investment of the EBRD in Kazakhstan and the first insurance project in Central Asia. The Project will help to attract potential strategic investors and ensure the continuation of enhanced standards of corporate governance.
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The client:
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Kazkommerts Policy was established in 1996 and is one of the leading non-life insurance companies in Kazakhstan. Kazkommerts Policy is 100 per cent owned by Kazkommertsbank, the largest private bank in Kazakhstan.
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EBRD finance:
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The EBRD will subscribe to newly issued shares for up to USD 1.5 million (EUR 1.5 million).
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Total project cost:
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Up to USD 2.5 million (EUR 2.6 million).
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Environmental impact:
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Kazkommerts Policy will conduct its insurance and asset management operations in accordance with EBRD's Environmental Guidelines for Insurance Sector.
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Technical
cooperation:
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TC for insurance training may be provided.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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EBRD contact:
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Leyla Abdimomunova, Operation Leader: abdimoml@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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