PROJECT

Projects

Summary of Investment Information

Project Number

47308

Company Name

MICROFINANCE ORGANIZATION ARNUR CREDIT LLP

Date SPI Disclosed

Jul 10, 2023

Country

Kazakhstan

Region

Central Asia and Turkiye

Projected Board Date

Jul 12, 2023

Environmental Category

FI-3 - No Impact

Status

Active

Last Updated Date

Dec 1, 2023

Department

Regional Industry FIG MCT

Industry

Financial Markets

Previous Events

Approved : Jul 17, 2023
Signed : Sep 20, 2023
Invested : Nov 29, 2023

Sector

Commercial Banking - Microfinance

Project Description

 The proposed project consists of a straight senior loan of up to US$9 million equivalent in Kazakh tenge (KZT or LCY) to Microfinance Organization “Arnur Credit” Limited Liability Partnership (“Arnur”, the “Company” or the “Client”), an existing IFC client and the 7th largest Kazakh microfinance institution (MFI), providing conventional microfinance services in Kazakhstan. The purpose of the proposed IFC investment is to support the Company's lending program to micro and small enterprises (MSEs), including rural-based MSEs (50%) and women-owned MSEs (50%), which have been negatively affected by the COVID-19 pandemic and Russia’s invasion of Ukraine (the Project).
                                                  

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation