To expand access to finance for micro and small enterprises, including women entrepreneurs across Kazakhstan, IFC (a member of the World Bank Group) and Arnur Credit have signed a local currency loan agreement of $10 million-equivalent.
With 40 percent of the funding earmarked for women-run businesses, the financing includes a $5 million-equivalent local currency loan from IFC’s own account and an additional $5 million-equivalent local currency loan mobilized by IFC from micro and small loans-focused impact investor, Invest in Visions GmbH.
Kazakhstan faces an estimated $16.8 billion finance gap for micro, small, medium enterprises (MSME), equivalent to about 10 percent of GDP. Women-owned businesses account for 30 percent of this gap, underscoring the need for targeted financial solutions.
“For the past few years, Arnur Credit has shown strong, consistent growth. With approximately half of the company’s current loan portfolio dedicated to women-led businesses, we aim to expand our support for female entrepreneurs. IFC’s financing will help us expand this reach, enabling greater access to finance for business growth and economic contribution,” said Raushan Kurbanaliyeva, Chairperson of the Management Board of Arnur Credit.
“Micro and small businesses are the engine of economic growth, but too many of them—especially women entrepreneurs —struggle to access financing,” said Zafar Khashimov, IFC Country Manager for Kazakhstan. “Our investment in Arnur Credit will help expand access to finance for micro and small entrepreneurs and women-run businesses, empowering them to grow, innovate, and generate jobs.”
