The European Bank for Reconstruction and Development (EBRD) has agreed to provide financial assistance to Kazakhstan’s packaging equipment and tapes producer Intellpack, which is expanding its operations.

The bank previously granted similar loans to other small and medium-sized enterprises (SMEs) in Kazakhstan.

Under the agreement, EBRD will provide a five-year, KZT700m ($2 million) loan, which will be released in two equal tranches.

The loan amount will be used to renovate the company’s newly acquired warehouse and administrative facility, as well as the transportation fleet and other capital expenditure.

“Under the agreement, EBRD will provide a five-year, KZT700m ($2 million) loan, which will be released in two equal tranches.”

The project is expected to increase Intellpack’s operational efficiency but also improve overall storage capacity by more than 50%. The project is being supported through the EU’s Investment Facility for Central Asia (IFCA).

The EBRD has been working with Intellpack since 2014. In the past four years, the bank has been helping Intellpack improve its financial and operational management.

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The EU, US and Kazakhstan government have also funded technical cooperation programmes for the company.

Since 2006, Intellpack has been supplying packaging materials to the Kazakhstan market from its facility located in Almaty.

In 2011, the company also started producing a three-layer linear stretch film in Almaty.

To date, the EBRD has reportedly invested over $8.7b in the economy of Kazakhstan.