EBRD boosts support for Women entrepreneurs and promoting the development of Youth business in Kazakhstan
• EBRD provides $6 million financing of to “MFO “Arnur Credit”, LLP, of which $4 million will be received under the Women in Business (WiB) program, $2 million will be received under the Youth in Business (YiB) program.
• EBRD provides technical assistance to “MFO “Arnur Credit”, LLP under the Women in Business and Youth in Business programs for capacity building.
EBRD has been financing one of the largest microfinance organizations in Kazakhstan, “MFO “Arnur Credit”, LLP (hereinafter referred to as Arnur Credit), for more than 10 years. Arnur Credit has 44 sub-offices and covers the Kyzylorda, Turkestan, Zhambyl and Almaty regions, as well as the cities of Almaty and Shymkent.
New financing will be received under two EBRD programs:
- WiB loan will be provided in KZT for a total amount equivalent to $4 million;
- YiB loan will be provided in KZT for a total amount equivalent to $2 million.
In 2015, EBRD launched the Women in Business program, which expanded opportunities for women entrepreneurs across the country. Arnur Credit joined the program in 2018. Arnur Credit, as part of the “Women in Business” program, is successfully implementing a green financing program, which started at the beginning of 2022.
EBRD is addressing youth entrepreneurship and employment development in Central Asia with the launch of a seven-year €200 million ($218 million) program. The program will target micro, small and medium enterprises (MSMEs) led or owned by youth under 35 years of age.
The program provides lending of up to €200 million to 20 partner financial institutions in Central Asia and Mongolia. In addition, targeted non-financial services for eligible small businesses will be provided through the Bank's Small Business Advisory program to help develop their entrepreneurial skills through training, advisory services and networking.
As part of the above programs, EBRD provides technical assistance to build the capacity of Arnur Credit, and also promotes the introduction of new technologies and best practices in the field of micro-, small- and business lending.
The official signing of loan agreements between EBRD and Arnur Credit took place on December 12, 2023 in Tashkent (Uzbekistan) during the launch of the Youth in Business program in Central Asia.