Arnur Credit bags $9m from IFC to aid Women-led MSMEs in Kazakhstan
By Gloria Mathias
IFC has announced its investment in Arnur Credit, a Kazakhstan-based microfinance institution to boost its financing for MSEs, with a focus on women-owned businesses and smaller businesses in the country’s underserved southern frontier regions.
IFC’s $9 million investment in Arnur Credit, will be allocated to rural-based MSEs, with half earmarked for women-owned micro and smaller businesses. With 44 sub-offices, Arnur Credit has established a wide reach across the country’s Kyzylorda, Turkistan, Zhambyl and Almaty regions as well as in Almaty and Shymkent cities. That has enabled the organization to serve smaller businesses and farmers in remote and rural areas, where financial services are often limited, helping to promote economic development.
“Our partnership with IFC will provide a significant boost to smaller business owners and entrepreneurs in areas that have traditionally been underserved,” said Raushan Kurbanaliyeva, Arnur Credit’s Chair of the Management Board. “Small businesses are the backbone of the local economy, especially in these more rural areas, and their success has a significant impact on job creation and economic development.”
The project is aligned with IFC’s strategy in Kazakhstan to boost private sector-led growth through support to the financial sector and investments in manufacturing, infrastructure, and the service sector.
Zafar Khashimov, Interim Manager for Central Asia, said: “IFC’s investment highlights our commitment to promoting inclusive economic growth by enhancing financial access for smaller businesses and rural communities. We also recognize the importance of directing at least half of our funds to women entrepreneurs, who are critical in promoting economic activity and driving economic growth in Kazakhstan.”
IFC, a member of the World Bank Group is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries.
Arnur Credit, a microfinance organization established in 2001, offers loans to support the growth and development of small businesses, particularly in the rural areas of Southern Kazakhstan. Arnur Credit is a vital contributor to the region’s economic growth.
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