IFC Boosts Microfinance in Kazakhstan with $9 Million Investment

One of Kazakhstan's top microfinance organizations, Arnur Credit, will receive a $9 million investment from the International Finance Corporation (IFC).

With an emphasis on women-owned businesses and the underserved southern frontier regions of the nation, this initiative aims to improve micro and small enterprises (MSEs).

With a vast network of 44 sub-offices covering the Kyzylorda, Turkistan, Zhambyl, Almaty regions, as well as the towns of Almaty and Shymkent, Arnur Credit is essential in supplying financial services to small-scale enterprises and farmers in outlying rural areas.

IFC will spend a sizeable amount, with half going to women-owned micro and small firms. This strategic alliance intends to encourage economic growth and job creation in areas that have previously received little financial support.

Arnur Credit's chair of the management board, Raushan Kurbanaliyeva, expressed hope about the partnership and emphasized how it may help entrepreneurs in neglected areas. Small enterprises, particularly those in rural areas, are crucial to local economies and the development of jobs, according to Kurbanaliyeva.

This program is in line with IFC's overall strategy in Kazakhstan, which aims to foster private sector-led growth by providing assistance to the manufacturing, banking, infrastructure, and service sectors.

The commitment to inclusive economic growth and the significance of dedicating a sizeable share of the funding to women entrepreneurs, who are essential for fostering economic activity and progress in Kazakhstan, were stressed by Zafar Khashimov, Interim Manager for Central Asia at IFC.

IFC has been actively working to increase financial services and market access for women-owned companies in Central Asia. IFC has funded $155 million in 15 regional local financial institutions over the last five years.