PROJECT

Projects

Summary of Investment Information

Project Number

47224

Company Name

KMF Bank JSC

Date SPI Disclosed

Dec 14, 2022

Country

Kazakhstan

Region

Central Asia and Turkiye

Projected Board Date

Dec 5, 2022

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

May 13, 2023

Department

Regional Industry FIG MCT

Industry

Financial Markets

Previous Events

Approved : Dec 13, 2022
Signed : Feb 10, 2023
Invested : May 11, 2023

Sector

Microfinance and Small Business - Non Commercial Banking

Project Description

The proposed project consists of a straight senior loan of up to US$20 million denominated in Kazakh tenge (KZT) to Limited Liability Company Microfinance Organization “KMF” (“KMF” or “the Company”), a long-standing IFC partner and the largest microfinance institution (MFI) in Kazakhstan.  The proposed financing will enable KMF to provide much needed local currency funding to micro and small enterprises (MSEs) in rural areas (50%) and women entrepreneurs (50%) in a challenging economic environment caused by the COVID-19 crisis and further exacerbated by the Russian-Ukrainian war (the Project).  As of end-September 2022, the Company had a net loan portfolio of US$430 million, 254 thousand active clients, and captured 23% market share by loan portfolio. The Company owns a network of 14 branches and 113 outlets.          

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation