Almaty, Kazakhstan, July 14, 2025—To expand access to finance for micro and small enterprises, including women entrepreneurs across Kazakhstan, IFC and Arnur Credit signed a local currency loan agreement of $10 million-equivalent. The initiative is part of IFC’s broader efforts to promote inclusive economic growth, empower small entrepreneurs, and create jobs.
With 40 percent of the funding earmarked for women-run businesses, the financing includes a $5 million-equivalent local currency loan from IFC’s own account and an additional $5 million-equivalent local currency loan mobilized by IFC from micro and small loans-focused impact investor, “Invest in Visions GmbH”.
Kazakhstan faces an estimated $16.8 billion finance gap for micro, small, medium enterprises (MSME), equivalent to about 10 percent of GDP. Women-owned businesses account for 30 percent of this gap, underscoring the need for targeted 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, launched in 2024 with a $100 million investment from the Government of Canada. The facility aims to mobilize an estimated $470 million in private capital for investments that that support women led businesses.
The partnership with Arnur Credit is also part of IFC’s MSME Finance Platform - Base of the Pyramid Envelope, which seeks to address financial inclusion gaps by providing medium- and long-term loans to eligible financial service providers, with a focus on micro and small enterprises, informal businesses, and low-income households.
IFC and Arnur Credit’s partnership began in 2012 and has focused on supporting microfinance institution to expand lending to local businesses, including those owned by women.
About Arnur Credit
Arnur Credit is the eighth-largest microfinance institution in the country in terms of assets and the ninth-largest by loan portfolio size, holding 3.3 percent of the total microfinance market share. The institution serves more than 25,000 clients 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 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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