FIF - Kazakhstan WiB II - MFO KMF 6 (EBRD-56222)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Kazakhstan
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
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 1, 2025
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.
Borrower
Microfinance Organisation KMF
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 25.00 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.
Loan Amount (USD)
$ 25.00 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)
$ 25.00 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.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS May 27, 2025

Disclosed by Bank Apr 6, 2025

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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.

As stated by the EBRD, the project consists of the provision of a senior unsecured loan in the amount of up to USD 25 million (in US dollar or Kazakhstan tenge equivalent to be determined at disbursement) to Microfinance Organisation KMF ("MFO KMF", "KMF"). The loan will be provided under the Kazakhstan Women in Business Programme II ("KazWiB II"), rolled into the Financial Intermediaries Framework. The financing will be used for on-lending to eligible women-led private micro, small and medium-sized enterprises (MSMEs) in Kazakhstan.

The aim of the loan is to (i) continue supporting women-led MSMEs, helping them navigate the challenging economic situation while enhancing their resilience and adaptability. The loan will be complemented by the enhancement of sustainable credit mechanisms targeted at women-led MSMEs through technical assistance at the KazWiB II level and technical support for women-led MSMEs in accessing know-how, business development tools and networking opportunities; (ii) diversify KMF's funding base; (iii) enhance KMF's product range via digital sales channels. (iv) KMF will also expand the provision of the non-financial services (NFS) targeted at women entrepreneurs, which will improve their access to finance and skills.

MFO KMF, a client of EBRD under the KazWiB and KazWiB II, will continue to benefit from the TC support under the KazWiB II, which will be mostly focused on further development of digital sales channels, marketing and internal efficiency improvements.

The TC will consist of two linked components:

(i) capacity-building to Participating Financial Institutions;

(ii) women-led MSMEs access to know-how (Advice for Small Businesses). Both components will be funded by the Ministry of National Economy of RK.

KMF will make parallel contributions to technical cooperation projects.

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 EBRD categorized the project environmental and social risks as 'FI'.

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.

As stated by the EBRD, a client of the EBRD since 2005, KMF is the largest private MFO in Kazakhstan with a market share of 19.6 per cent, total assets of USD 641 million and equity of USD 119.5 million as of end-2024. MFO KMF's principal shareholders are one local and four international funds with a joint stake of 80.3 per cent. The company is rated B+ by Fitch (2 August 2024), with a stable outlook.


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.

Financial Intermediary - Microfinance Organisation KMF:

Elena Skufalyaridy
Email: elena.skufa@kmf.kz
Phone: +7 (727) 331-74-74
Website: www.kmf.kz
Address: MFO «KMF» 50, Nazarbayev ave. Almaty 050004 Republic of Kazakhstan

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html

How it works

How it works