ATF Bank JSC

MIGA has issued a guarantee of $190 million to cover a $200 million shareholder loan from UniCredit Bank Austria AG (UBA) to its subsidiary in Kazakhstan, ATF Bank JSC (ATF). The guarantee covers a period of up to eight years against the risks of transfer restriction, expropriation, and war and civil disturbance.

ATF is planning to use the funding to improve its asset-liability management and grow its loan portfolio, especially in the small and medium enterprise segments.

This is MIGA’s second guarantee in support of ATF under the framework of the Financial Sector Initiative (FSI), as part of a coordinated international response to the global financial crisis. MIGA’s support for UBA’s funding to ATF is consistent with the objectives of the FSI, as well as those of the Joint IFI Action Plan, which is presently focusing its efforts on resolving the crisis’ legacy of the financial crisis. This project will support Kazakhstan’s largest, and systemically important, foreign-owned bank. This loan will provide long-term funding and liquidity to ATF at a time of financial turmoil and will contribute to stabilizing the Kazakh financial sector.