BAKU, Azerbaijan, May 18. The European Bank for Reconstruction and Development (EBRD) is helping Kazakhstan’s women-led micro, small and medium-sized businesses (SMEs) by extending a new long-term loan million to the country’s leading microlender KMF, Trend reports via the press service of the Bank.
The Bank will allocate a total of $35 million in two installments to support and encourage women's entrepreneurship and business endeavors. This financial assistance will facilitate access to funding, know-how and technical advice, aiming to foster women's economic participation and activity.
At least 10 percent of the loans from KMF is going to be contributed to promote the reduction of energy consumption, encourage greater use of renewable energy sources and help these local businesses adopt environmentally friendly practices.
KMF, the Bank’s client since 2005 and which provides nearly a quarter of microloans in the country each year, will receive technical assistance under the green lending facility, Green Economy Financing Facility (GEFF) Kazakhstan II, recently launched by the EBRD, as well as under the new Kazakhstan Women in Business Programme II.
With more than €10 billion invested in the country to date through 304 projects, Kazakhstan is the EBRD’s largest and longest-running banking operation in Central Asia.