ADB Lends $15M to KMF to Boost Financial Inclusion for MSMEs, Post-COVID Growth in Kazakhstan
The Asian Development Bank (ADB), a multilateral development finance institution, recently agreed to lend $15 million to KazMicroFinance (KMF), a microlender in Kazakhstan. The loan is intended to boost its services to micro-, small, and medium-sized enterprises (MSMEs) – especially in rural areas – to “improve financial inclusion and contribute to Kazakhstan’s recovery from the COVID-19 pandemic.”
KMF was founded in 2006 as a for-profit entity by the nonprofit Kazakhstan Loan Fund, which was launched in 1997. In addition to extending financial services to MSMEs, KMF provides group loans, vehicle loans and funding for environmental technologies. The institution has 111 service locations in 17 cities and reports total assets of $116 million as of 2022.