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EBRD Allocates Loans For Kazakh Businesses

Monday, July 3, 2017 - 00:30

On June 23, the EBRD (European Bank for Reconstruction and Development) signed two agreements providing for loans to one of the commercial banks of Kazakhstan, KassaNova, and for micro-financing of the KMF organization, in the amount of $11 million each. These documents were signed by President of the EBRD Suma Chakrabarti; the Kazakh signatories were chairman of the board of KMF Shalkar Zhusupov and chairperson of the board of KassaNova Sholpan Nurumbetova. The funds received under this agreement will be spent on lending to small and medium-sized businesses, as well as women's entrepreneurship, under the EBRD's credit program “Women in Business.”


The funds will be allocated in equal amounts. However, according to the terms of the agreements, KassaNova will spend most of its loan ($6.6 million) on supporting small and medium-sized businesses, while the women's business will receive $4.4 million. As for the micro-finance organization KMF, the $11 million received by it will be distributed as follows: $4.4 million will go to SMEs, and $6.6 million to the “Women in Business” program. According to the chairman of the board of the KMF, Shalkar Zhusupov, the structure he supervises already has work experience within the framework of the “Women in Business” program.


According to him, the signing of this agreement will allow the KMF to further expand the access of micro-entrepreneurs to financing, especially in rural areas. This is especially important, since there is still a shortage of available borrowed resources.


Together with the financing, the EBRD will provide access to know-hows, thereby helping to implement modern management technologies and practices aimed at increasing competitiveness and productivity in small and medium-sized businesses. Women entrepreneurs will have an opportunity to take part in the EBRD-financed programs, according to chairperson of the board of KassaNova Sholpan Nurumbetova.

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