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.
