ASTANA, KAZAKHSTAN (15 October 2024) – The Asian Development Bank (ADB) and Arnur Credit Limited Liability Company have signed a senior unsecured loan of up to $5 million (in tenge equivalent) to expand access to finance for micro, small, and medium-sized enterprises (MSMEs) in Kazakhstan, with a focus on women-led MSMEs (WMSMEs) and as well as green loans.

Arnur Credit will use the finance package to lend to eligible MSMEs, with at least half of the loan proceeds directed towards WMSMEs and at least 10% towards green loans. The green loans will aim to support the procurement of energy and resource-efficient equipment and small-scale renewable energy projects.

"ADB’s partnership with Arnur Credit will enhance credit access for MSMEs in Kazakhstan, contributing to job creation, innovation, entrepreneurship, poverty reduction, and economic growth,” said ADB Director General for Private Sector Operations Suzanne Gaboury. “By supporting women entrepreneurs and promoting green business, we enhance inclusive, sustainable and resilient growth.”

MSMEs comprise nearly all of Kazakhstan’s 2 million registered businesses, employing nearly half of the total labor force and contributing 36.5% of gross domestic product. Nearly half of MSMEs are owned or operated by women. Despite their significance to the economy, MSMEs lack access to credit, with a finance gap of an estimated $42 billion.

"Partnering with ADB to help MSMEs in Kazakhstan will enable us to reach a greater number of entrepreneurs, particularly women, and champion green initiatives essential for our country's sustainable development," said Arnur Credit CEO Raushan Kurbanaliyeva. "By enhancing access to finance for MSMEs, especially those managed by women, we are helping to build a more resilient and equitable economy."

Established in 2001, Arnur Credit is a leading microfinance institution in Kazakhstan serving over 21,000 customers through 47 branches across southern Kazakhstan. Arnur Credit’s strategic focus is financial inclusion for MSMEs. Nearly half of its clients are women, the majority from rural areas. It is one of the few microfinance institutions offering green loans to MSMEs.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.