Small- and medium-sized enterprises in Kazakhstan on Tuesday learned they can expect a boost in the form of a $122 million loan from the Asian Development Bank (ADB) and through certain local banks and the JSC Damu Entrepreneurship Fund.
The agreement was finalized when Acting Country Director Asel Chyngysheva and Chairperson of Damu's Management Board Lyazzat Ibragimova signed it. The loan agreement ABD funds will be secured to the Republic of Kazakhstan with a five-year fixed rate and distributed through CenterCredit and TsesnaBank in Tenge to aid these enterprises.
“Improved access to finance will help generate more investment, employment, and ultimately income for small and medium business owners," Chyngysheva said. "The project will focus on lending to businesses located outside of big cities and women entrepreneurs.”
This loan is a part of a $500 million effort to grow and develop enterprise investments throughout Asia. ABD's central mission is the reduction of poverty in Asia and the Pacific with financial aid to stimulate economic growth that is sustainable in multiple contexts.