IFC, a member of the World Bank Group, has arranged for KMF, one of the leading Kazakh microfinance institutions, a financing package in Kazakh Tenge equivalent to $44 million, helping the company to support its small business customers, including women entrepreneurs.
The financing consists of $5 million loan for IFC’s own account, and $39 million mobilized from four international financiers: Incofin Investment Management, MicroVest Capital Management, Symbiotics, and Bank im Bistum Essen. The financing will be disbursed in Kazakh Tenge, which will help KMF mitigate its foreign currency risk. The support will help KMF provide loans and other forms of credit to smaller businesses, considered key in a country where entrepreneurs often struggle to obtain the financing they need to grow their enterprises, according to IFC.
For more on this story visit the following link: IFC Helps Support Smaller Business in Kazakhstan
Source: The Financial