Kazakhstan Chamber of Commerce in the USA

KazCham


ADB to provide $200 million for SMEs in Kazakhstan

Posted on November 19, 2016 by KazCham

Centil Law Firm BI@centil.law

The Asian Development Bank (ADB) has approved a $200 million equivalent loan to provide much-needed financing in local currency to micro, small- and medium-sized enterprises (MSMEs) in Kazakhstan.

The loan will be channelled through the Damu Entrepreneurship Development Fund, a government-owned agency mandated to provide loans and guarantees to MSMEs through qualified microfinance organisations and local banks. The ADB loan will be provided in tenge to reduce currency-related risks for financial institutions and their borrowers.

In addition to the loan, the ADB will provide a technical assistance grant of $500,000, financed by the Government of Luxembourg through the Financial Sector Development Partnership Special Fund to help improve the credit risk management of selected financial institutions and expand financing opportunities for MSMEs.

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