According to the EBRD, the project consists of the provision of a senior unsecured loan of up to US$ 4.0 million (EUR3.6 million) in KZT equivalent to Arnur Credit (AC) - a private microfinance organisation based in Kazakhstan. The loan will be provided in two equal tranches of up to US$ 2 million each, the second tranche will be uncommitted. The loan will be provided under the KazWiB II (Women in Business Programme II), rolled into the Financial Intermediaries Framework.
The aim of the loan is to (i) continue supporting women-led MSMEs, helping them overcome the consequences of the challenging market environment and increase their resilience and adaptability. Supporting women entrepreneurs will be critical for expanding employment opportunities and further advancing macroeconomic and social reforms in Kazakhstan initiated in 2022; (ii) diversify AC's funding base; (iii) enhance AC's product range via new digital sales channels. AC will continue providing loans aimed at investments in climate change mitigation and adaptation technologies and services supporting Green Economy Transition.
For the implementation of the GET component of the transaction, AC will benefit from the TC support under the Kazakhstan Green Economy Financing Facility II supported by EBRD SSF and the Climate Investment Funds. The main objective of the assignment will be assessing and reporting of GET-eligible investments to ensure their compliance with GET criteria.
The WiB loan will also be accompanied by a US$ 0.34 million TC project to support the on-going digitalisation of the AC internal process.
As stated by the EBRD, Arnur Credit is a private microfinance organisation in Kazakhstan with total assets of US$ 84.8 million, total equity of US$ 19.4 million, over 19,700 active clients, and 44 offices as of 1Q 2023. AC is headquartered in Shymkent, former administrative capital of the Turkestan Region.
Financial Intermediary - Arnur Credit Microfinance Organization LLP:
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