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Project Brief

Summaries of proposed guarantees are provided prior to Board consideration and before final contract signing, and they are therefore subject to change. Project briefs are disclosed after Board consideration and contract signing and reflect the terms of the project at the time of contract signature. Environmental and Social Review Summaries are provided for projects assigned an Environmental Assessment Category of A or B.


Project name
Raiffeisen Leasing Kazakhstan LLP (RLKZ)
Project ID
Fiscal year
Not Active
Guarantee holder
Raiffeisen Zentralbank Österreich AG
Investor country
Host country
Environmental category
Gross exposure
 $47.5 million
Project type

MIGA has issued a guarantee of $47.5 million to Raiffeisen Zentralbank Österreich AG (RZB) covering its shareholder loan of $50 million to Raiffeisen Leasing Kazakhstan LLP (RLKZ). The guarantee is covering the risks of transfer restriction and expropriation of funds for a period of up to six years.

RZB’s shareholder loan will enable RLKZ to expand its leasing portfolio and help strengthen the financial sector in general and the leasing sector in particular in Kazakhstan. It will enable RLKZ to provide customers with an alternative financing instrument with longer tenor and potentially more attractive pricing. The new funds will support growth in RLKZ’s portfolio. Further, it will improve the growth potential of small- and medium-sized Enterprises (SMEs) by facilitating the upgrade of their long-term assets and improving their competitiveness.

The guarantee represents MIGA’s first support to RZB’s leasing operation in Kazakhstan and its third guarantee in the country. Political risk mitigation was a key requirement for RZB to proceed with the investment. MIGA’s support will allow the project sponsor to fund its subsidiary at a critical time when financial institutions are facing difficulties in raising external capital due to the global credit crisis. The project is expected to help improve the leasing environment and develop a vibrant and competitive leasing industry in the country.

MIGA’s support is playing a critical role not just in encouraging the growth of financial markets in Kazakhstan, but also in building market confidence. The agency’s participation in the project addresses one of the main priorities envisaged in the World Bank Group’s country assistance strategy for Kazakhstan—supporting the diversification of its economy and improving its competitiveness. MIGA’s support for RZB also complements the IFC’s efforts to strengthen the existing leasing sector and facilitate medium- and longer-term financing in Kazakhstan.

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