KMF-FY16 (IFC-35747)

Countries
  • Kazakhstan
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 8, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
MICROFINANCE ORGANIZATION KMF LLC
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 25.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported
Converted using 2016-03-08 exchange rate.
Project Cost (USD)
$ 25.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported
Converted using 2016-03-08 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 1, 2018

Disclosed by Bank Dec 7, 2015


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Project Description

This project provides funds to Microfinance Organization, with those funds earmarked for loans to small and medium sized enterprises. The project aims to increase the available capital for smaller-sized businesses in Kazakhstan.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

As of November 11, 2015, 64.6% of KMF’s charter capital is owned by Corporate Fund KMF-Demeu, 12.5% by responsAbility, 12.5% by Triodos and the remaining 10.4% by KMF’s management and employees.

Founded in 1963, ACDI/VOCA is a Washington, D.C. based private nonprofit development assistance organization that implements projects and programs in microfinance, rural credit and integrated rural development in developing countries around the world. Currently it has 46 active projects in 31 countries. In 1997, ACDI/VOCA through USAID grants established a non-for-profit institution under the Kazakh law, Kazakhstan Community Fund Loan (later renamed to Kazakhstan Loan Fund and currently known as KMF Demeu). In 2006, KMF Demeu established a commercial entity- KMF as its subsidiary in the form of a limited liability company. KMF Demeu exists as a public fund and promotes social projects.

Contact Information

KMF Treasury
39, Beregovaya Street 050051 Almaty, Kazakhstan
Telephone: +7 (727) 250-68-78
Fax: +7 (727) 250-68-76

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/