This week IFAD launched  the Platform for Remittances, Investment and Migrants’ Entrepreneurship (PRIME) Central Asia Initiative in Kazakhstan, the Kyrgyz Republic, Tajikistan, and Uzbekistan.

The financing will allow Shinhan Finance to continue providing much-needed longer-term loans and enhance the resilience of smaller enterprises, which are critical for economic growth and job creation.

The loan is intended to boost its services to micro-, small, and medium-sized enterprises – especially in rural areas – to “improve financial inclusion and contribute to Kazakhstan’s recovery from the COVID-19 pandemic.”

This loan is ADB's first intervention in Kazakhstan's financial sector in several years. It will support KMF's efforts to improve financial inclusion and contribute to Kazakhstan's recovery from the COVID-19 pandemic.

The Executive Director of Association of Microfinance Institutions said that a total amount ranging between RWF 4 billion ($4M) and RWF 5 billion ($5M) has been channeled through microfinance institutions to help small businesses recover from COVID-19 effects.

The four-year partnership will help expand access to long-term local currency finance in Rwanda for key sectors such as housing, agribusiness, and smaller businesses.

Micro and small enterprises (MSEs) in Kazakhstan stand to benefit from a new investment which aims to help businesses recover from the economic shock of the COVID-19 pandemic, resume operations, and adapt to the post-crisis environment.

In effort to safeguard employees and clients, the Association of Microfinance Institutions in Rwanda (AMIR) instituted various measures to raise awareness about the virus and control its spread in the industry.

The National Bank of Rwanda has instructed mobile network operators to waive charges on all transfers with bank wallets, person-to-person and merchant fees on payments.