IFC and Arnur Credit have signed a local currency loan agreement totalling $10 million-equivalent in a move aimed at strengthening financial inclusion across Kazakhstan. The financing is targeted at micro and small enterprises, with a significant portion dedicated to women-led businesses.
The agreement, finalised in Almaty, includes a $5 million-equivalent local currency loan from IFC’s own account, along with an additional $5 million-equivalent mobilised from Invest in Visions GmbH, a specialised impact investor focused on micro and small loans. Notably, 40 percent of the total funding is earmarked for businesses run by women.
Kazakhstan currently faces a substantial finance gap for micro, small, and medium enterprises (MSMEs), estimated at $16.8 billion, which is roughly 10 percent of the country’s GDP. Around 30 percent of this gap pertains to women-owned businesses, highlighting the pressing need for gender-focused financial solutions.
“For the past few years, Arnur Credit has shown strong, consistent growth. With approximately half of the company’s current loan portfolio dedicated to women-led businesses, we aim to expand our support for female entrepreneurs. IFC’s financing will help us expand this reach, enabling greater access to finance for business growth and economic contribution,” said Raushan Kurbanaliyeva, Chairperson of the Management Board of Arnur Credit.
“Micro and small businesses are the engine of economic growth, but too many of them—especially women entrepreneurs —struggle to access financing,” said Zafar Khashimov, IFC Country Manager for Kazakhstan. “Our investment in Arnur Credit will help expand access to finance for micro and small entrepreneurs and women-run businesses, empowering them to grow, innovate, and generate jobs.”
The project is supported by the Canada-IFC Advancing Gender Equality, Resilience, Opportunity, and Inclusion Worldwide (GROW) Facility, established in 2024 with a $100 million commitment from the Government of Canada. The facility is expected to mobilise up to $470 million in private capital to invest in women-led businesses globally.
This initiative is also part of IFC’s MSME Finance Platform Base of the Pyramid Envelope. The platform aims to bridge financial access gaps by offering medium- to long-term lending to financial service providers catering to underserved groups, including micro and small enterprises, informal businesses, and low-income households.
The collaboration between IFC and Arnur Credit dates back to 2012, with ongoing efforts focused on strengthening the microfinance sector and expanding lending opportunities to local entrepreneurs, particularly women.
About Arnur Credit
Arnur Credit is the eighth-largest microfinance institution in Kazakhstan by assets and ranks ninth by loan portfolio size, commanding 3.3 percent of the national microfinance market share. The institution serves over 25,000 clients, primarily in rural areas of Southern Kazakhstan. For more information, please visit: https://arnurcredit.kz
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilising private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
