The European Bank for Reconstruction and Development (EBRD) is supporting micro, small and medium-sized enterprises (MSMEs) and improving access to finance for young entrepreneurs in Kazakhstan by providing a loan of up to $7 million (€6 million) to local microlender Arnur Credit.
The loan is extended under the EBRD’s Youth in Business (YiB) programme for Central Asia and earmarked for supporting small businesses in Kazakhstan. This loan is the second loan to Arnur Credit under YiB initiative, which is designed to boost youth entrepreneurship and employment.
The EBRD is committed to supporting young entrepreneurs by improving their access to finance, boosting their employment opportunities and assisting macroeconomic and social reforms in Kazakhstan.
In addition to receiving financial support, eligible small firms and businesspeople will be able to develop their entrepreneurial skills through training, advisory services and networking opportunities provided by the Bank’s Advice for Small Businesses programme. Arnur Credit has become the first partner financial institution in Kazakhstan with whom EBRD jointly conducted an expert-led, intensive training under the YiB framework earlier this year, benefiting 65 young entrepreneurs from Shymkent, Turkestan, and Almaty.
The EBRD has invested more than €10 billion across 340 projects in Kazakhstan, with a majority of the funds supporting private entrepreneurship.
