EBRD to provide local currency loan for Kazakhstan’s microfinance organisation
Kazakhstan’s leading microfinance lender, KMF, will be able to address the urgent liquidity needs of micro, small and medium-sized enterprises (MSMEs) in the coronavirus crisis, thanks to a local currency loan provided by the European Bank for Reconstruction and Development (EBRD), Strategy2050.kz has learnt from the Bank's official website.
A senior loan in Kazakh tenge, equivalent to up to US$ 40 million, will help local firms to continue their business activity and preserve jobs. Providing funding in local currency will limit borrowers’ exchange rate risks.
KMF, which operates 14 branches and 111 outlets across Kazakhstan, provides financial services to more than 225,000 customers across the country. It has been a partner of the EBRD since 2005.
The EBRD launched two Solidarity Packages in response to the Covid-19 crisis and now expects to dedicate its total business investment of up to €21 billion in 2020-21 to overcoming the economic impact of the crisis.
To date, the EBRD has invested €8.63 billion through 273 projects in the economy of Kazakhstan.
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