Almaty, October 24, 2014
—IFC, a member of the World Bank Group, is providing a $5 million loan equivalent in Kazakh Tenge to KazMicroFinance, a leading Kazakh microfinance institution, to increase access to finance for the country’s more than 80,000 entrepreneurs.
IFC is also signing an agreement with KazMicroFinance to help the company manage its foreign currency and interest rate risks.
“It is crucial that low-income people and micro- and small medium enterprises in Kazakhstan have access to finance, so they are able to create opportunities for themselves and others,” said Shalkar Zhussupov,
’s CEO. “With IFC’s support, we plan to expand into areas where the need for microfinance is highest.”
While the number of microfinance institutions in Kazakhstan has grown in recent years, the microfinance market remains small, comprising just one percent of the aggregate credit portfolio of the country and offering significant room for growth.
“IFC supports the development of microfinance in Kazakhstan to spur economic growth and generate much-needed job opportunities,” said Edward Strawderman, Regional Head of Industry, IFC EMENA Financial Institutions Group. “This loan will help KazMicroFinance expand and reach more under-served clients in a sustainable manner.”
IFC has provided nearly $900 million in investments to Kazakhstan’s financial sector over the past four years, via equity participation, subordinated loans, senior debt, and trade finance products.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit