EBRD Provides $25 Million Loan to SMEs in Kazakhstan
NUR-SULTAN – The European Bank for Reconstruction and Development (EBRD) is providing a $25 million loan to the micro, small, and medium-sized businesses in Kazakhstan, reported the bank’s press service.
The main objective is to help the national business sector to overcome the ongoing macroeconomic downturn amid geopolitical tensions and numerous after-effects of the COVID pandemic.
Individual sub-loans of up to $135,000 will help domestic companies, especially women-led businesses to replenish their working capital and create new workplaces. Special attention will also be paid to the enterprises in rural areas.
The bank offered loans to KMF, a microfinance organization in Kazakhstan, as it is the bank’s financial partner starting from 2005. Operating since 1997, it helps entrepreneurs throughout the country to introduce new technologies, improve services, and develop new business programs.
The assistance, particularly a variety of specialized training programs, exchange platforms, and seminars, is also provided through the EU-supported Regional Small Business Program for Central Asia (RSBP), funded by the European Union (EU) and supported by the DAMU Entrepreneurship Development Fund to promote the quality development of SMEs in all regions.
Overall, the bank has invested more than $9.6 billion in Kazakhstan. In 2022, the country marks the 30th anniversary of joining the bank.