EBRD plans to allocate $50M to promote women's entrepreneurship in Kazakhstan

Kazakhstan Materials 24 May 2023 20:15 (UTC +04:00)
Asmar Bayramova
Asmar Bayramova
Read more

BAKU, Azerbaijan, May 24. The European Bank for Reconstruction and Development (EBRD) is planning to provide a loan of $50 million to Kazakhstan's Bank CenterCredit JSC (BCC) under the Kazakhstan Women in Business Programme II (KazWiB II), Trend reports.

The loan aims to support and empower women entrepreneurs by facilitating their access to finance and promoting their active participation in the business sector. By providing financial resources, the loan will enable women-led micro, small, and medium-sized enterprises (MSMEs) to thrive and contribute to the country's economic growth.

Sustainable credit mechanisms targeted specifically at women-led MSMEs will be enhanced through technical assistance under the KazWiB II initiative.

This will include providing support and guidance to women entrepreneurs in areas such as accessing know-how, utilizing business development tools, and creating valuable networking opportunities.

The loan agreement is currently pending final review, indicating the commitment of both the EBRD and BCC to ensure its successful implementation.

BCC, the third-largest bank in Kazakhstan, holds significant market shares and possesses substantial assets, with a total value of $9.3 billion, equity of $592 million, and market shares of 9.8 percent in total assets, 8.9 percent in customer loans, and 10.1 percent in deposits as of the end of 2022.

In line with EBRD's commitment to promoting female entrepreneurship in Kazakhstan, the bank has recently announced a new long-term loan of $35 million to KMF, the country's leading microlender. The loan, allocated in two installments, is designed to promote women's entrepreneurship and facilitate their access to essential resources.