Shinhan Finance (IFC-47060)

  • Kazakhstan
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Apr 14, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Loan Amount (USD)
$ 60.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 60.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 15, 2023

Disclosed by Bank Mar 13, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the IFC, the proposed investment consists of a 5-year US$ 60 million senior financing with two identically structured senior loans (US$ 30 million each) to be disbursed over a 6 to 12-month period in Kazakh tenge (KZT) to LLP Microfinance Organization (MFO) Shinhan Finance (ShF) in Kazakhstan. Shinhan Card (the Guarantor and the Sponsor) will provide full and irrevocable guarantee for the Project. The proceeds will be on-lent to individual entrepreneurs and micro, small and medium-sized enterprises (MSMEs). At least 25% will be earmarked for on-lending to women owned MSMEs (WMSMEs). Subject to blended finance approval, ShF may also benefit from a performance-based incentive provided by the Women Entrepreneurs Opportunity Facility and the Women Entrepreneurs Finance Initiative to support growth of the WMSMEs business.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The project is categorized as FI-2 by the IFC.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

From the IFC's website:

Shinhan Finance, established in 2014, offers installment financing for purchases of new / used cars and unsecured loans for individuals and legal entities in Kazakhstan. Shinhan Finance is wholly owned by Shinhan Card.
Shinhan Card, which was established in 1985, holds the distinction of being the foremost credit card issuer in Korea, as measured by credit card usage volume in 2021, since its merger with LG Card in 2007. The company is involved in providing financial services such as credit sales, short and long-term card loans, installment loans, and brokerage of diverse goods and services. Shinhan Card is wholly owned by Shinhan Financial Group (SFG).
SFG, which came into existence in 2001, is one of the largest financial holding companies in South Korea. The company has direct and indirect subsidiaries engaged in commercial banking, credit card, asset management, and other financial services. SFG is publicly listed on both the New York Stock Exchange and the Korea Stock Exchange.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Shinhan Card Co. Ltd. Parent Company Finance
- - - - Shinhan Financial Group Parent Company Finance

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Financial Intermediary - LLP MFO Shinhan Finance:

Mr. Jaeman Ko - Chief Operating Officer
Phone: +7 727 355 25 50
Address: Office 2/3, 2nd floor, 48 Auezov street, Almaty, Republic of Kazakhstan


You can submit a request for information disclosure at:

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.


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 You can learn more about the CAO and how to file a complaint at

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