The Japan International Cooperation Agency (JICA) announced on February 19 that it has signed a contract with a microfinance institution in the Republic of Kazakhstan, Limited Liability Company ” Microfinance Organization “KMF ” (“KMF”). (“KMF”), and small and medium-sized microenterprises (“MSMEs”), including women-owned businesses, in the Republic of Kazakhstan. The signing ceremony was held in Almaty on April 29 to commemorate the signing of the loan agreement. This project will be implemented as a co-financing project with the European Bank for Reconstruction and Development (hereinafter referred to as “EBRD”). The EBRD has signed a loan agreement for up to US$35 million. The project is also eligible for the Facility for Accelerating Financial Inclusion (FAFI) (see note).
MSMEs play a very important role in Kazakhstan’s economy, accounting for approximately 34% of GDP and 44% of the working population. However, only 12% of small businesses and 28% of medium-sized businesses in the country have access to bank loans. In addition, women-owned MSMEs account for only 24% of the total due to lack of access to finance. The promotion of MSMEs and the improvement of women’s leadership are essential for the further development of the country’s economy, and improving their access to finance is an urgent issue.
© Source JICA