EBRD to finance small business development in Kazakhstan
Baku, Azerbaijan, May 23
By Elena Kosolapova - Trend:
The European Bank for Reconstruction and Development (EBRD) and KMF, the largest non-banking microfinance institution in Kazakhstan, continue their efforts to improve access to finance for micro, small and medium-sized enterprises (MSMEs) in the regions of Kazakhstan, EBRD said.
The EBRD is providing a financing facility for KMF equivalent to $ 5 million in local currency, tenge, which KMF will use for on-lending to local private companies. At least 60 percent of the loan will be disbursed to clients outside large cities.
To date KMF has issued more than one million of loans worth over $ 1.2 billion throughout the country.
Since the beginning of its operations in Kazakhstan 22 years ago, the EBRD has invested over $ 7 billion in the country's economy, with half of these projects supporting the private sector.
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