International Finance Corporation (IFC), a member of the World Bank Group and Asian Credit Fund (ACF), one of the leading microfinance institutions in Kazakhstan, are pleased to announce a new strategic partnership aimed at expanding access to finance for micro enterprises in rural areas of Kazakhstan. This collaboration is expected to foster financial inclusion, create jobs, and strengthen economic resilience in rural communities across the country.
IFC is providing a $5 million loan to ACF to support the expansion of its lending program for micro enterprises across Kazakhstan, with a strong focus on agricultural borrowers and women-owned businesses. This partnership highlights the shared commitment of both institutions to promoting inclusive finance and fostering sustainable economic growth in rural and underserved communities in Kazakhstan.
Zafar Khashimov, IFC Country Manager, said, “For businesses in rural Kazakhstan to grow, create jobs, and thrive, overcoming limited access to credit is crucial. IFC’s financing will help ACF provide that much-needed funding to Micro Enterprises, including women-owned businesses and farmers. By empowering these underserved groups and promoting financial inclusion, the project will strengthen rural communities, drive job creation, and contribute to sustainable development.”
"Partnering with IFC is a significant milestone for ACF. Their expertise and global experience bring immense value to our mission. This loan facility not only strengthens our financial capacity but also reinforces our strategic direction towards empowering women and supporting agri-businesses, which are critical for sustainable community development." said Christian Andersen, the Chairperson of the Supervisory Board of ACF.
The loan agreement was signed by Zhanna Zhakupova, Chairperson of the ACF’s Management Board, and Zafar Khashimov, IFC Country Manager on behalf IFC.
For more information about ACF, please visit: https://asiancreditfund.com/
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 mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
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