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Tuesday, April 23, 2019

EBRD, Kazakhstan reach financing agreement on business support

The Kazakhstan government and the European Bank for Reconstruction and Development (EBRD) have reached an agreement to provide approximately $46 million in financing to small and medium-size enterprises (SME) and women entrepreneurs, EBRD said Wednesday.

The Kazakhstan Ministry of National Economy is investing approximately $24.7 million in order for EBRD to continue its work with advising SMEs in the country. Kazakhstan also is providing additional funds to support women entrepreneurs.
“Kazakhstan is one of only a few countries in which the EBRD works that contribute funds to technical assistance efforts," EBRD Kazakhstan Director Janet Heckman said. "These signings (totaling $33.1 million for SME efforts and support to women entrepreneurs) constitute the largest ... contribution to SBS (small business support), for example, and this valuable collaboration between the EBRD and Kazakhstan continues to enable the EBRD to do more and more varied work to support the country.”
Kazakhstan was the first country to support EBRD small business support activities with direct funding in 2013.

 “We are very pleased to announce this enhanced partnership with the EBRD. This will build on the government’s Strategic Development Plan for 2020 and Strategy for 2050," Kazakhstan Minister of the National Economy Yerbolat Dossayev said