Baku, Azerbaijan, April 17
By Fakhri Vakilov – Trend:
Micro, small and medium-sized companies in Kazakhstan will benefit from a syndicated loan of up to $ 50 million arranged by the EBRD for the country’s largest micro-finance organization, KMF, Trend reports with reference to EBRD.
Up to $10 million to be provided by EBRD while the remaining $40 million will be syndicated to microfinance investment funds: IIV Mikrofinanzfonds; BlueOrchard Microfinance Fund; Microvest Short Duration Fund, LP; Incofin CVSO; Triple Jump B.V.; Monega Multi-Sector Microfinance & Impact Loan Fund; Microfinance Enhancement Facility S.A., SICAV-SIF; funds managed by responsAbility Investments AG; and Bank im Bistum Essen eG.
While the funds will be committed in US dollars, the EBRD will be providing the loan to KMF in Kazakhstan tenge using a cross-currency swap. This will help protect KMF, the participating investment funds and sub-borrowers from FX-related risks.
KMF, which operates 14 branches and 100 outlets across Kazakhstan, provides financial services to over 220,000 customers across the country. It has been a partner of the EBRD since 2005.
Under the new loan KMF will continue benefit from the EU-funded Regional Small Business Programme (RSBP) for Central Asia managed by the EBRD. It will receive access to know-how in MSME finance as well as training on a variety of topics relevant for financial institutions providing services to micro, small and medium-sized enterprises.
To date, the EBRD has invested a total of over $8.85 billion in the economy of Kazakhstan through 254 projects.
Over the years, KMF has become one of the leaders in the microfinance sector among the post-Soviet countries of the Central Asian region. Today KMF is the largest microfinance organization in Kazakhstan.
The company is focused on building long-term partnerships with customers based on mutual trust, understanding and respect. KMF provides customers with individual and group loans for the following activities: business, arable and livestock farming, production of goods, provision of services and customer credit.
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