The International Finance Corporation (IFC), a member of the World Bank Group, and Asian Credit Fund (ACF), one of Kazakhstan’s leading microfinance institutions, have announced a new strategic partnership aimed at expanding access to finance for microenterprises in remote regions of Kazakhstan. It is expected that this collaboration will promote financial inclusion, create jobs, and strengthen the economic resilience of rural populations across the country.
As part of the partnership, IFC is providing ACF with a USD 5 million loan to support the expansion of its microenterprise lending program across Kazakhstan, with a particular focus on agricultural borrowers and women-owned businesses. This partnership highlights the shared commitment of both organizations to inclusive finance and sustainable economic growth in rural and underserved regions of Kazakhstan.
Zafar Khashimov, IFC Country Manager in Kazakhstan, noted:
“A key challenge for business development and job creation in rural areas of Kazakhstan is overcoming limited access to credit. Through IFC’s investment, ACF will be able to provide essential financing to microenterprises, including women-owned businesses and farmers. By supporting these vulnerable groups and promoting financial inclusion, the project will contribute to improving livelihoods in rural communities, creating jobs, and fostering sustainable development".
Christian Andersen, Chairman of the Supervisory Board of ACF, added:
“Partnership with IFC marks an important milestone for ACF. IFC’s expertise and global experience bring significant value to our mission. The loan provided by IFC will not only strengthen our financial capacity but also reinforce our strategic focus on supporting women and agribusiness — key drivers of sustainable community development".
The loan agreement was signed by Zhanna Zhakupova, Chairperson of the Management Board of ACF, and Zafar Khashimov, IFC Country Manager in Kazakhstan.
Additional information is available at:
ACF: https://asiancreditfund.com/
IFC: https://www.ifc.org/en/home
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