FIF - YiB CA - MFO Arnur Credit Loan II

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

The provision of a senior unsecured loan of up to USD 7.0m (€6.1m) in KZT equivalent (as determined at the time of disbursement) to Arnur Credit ("AC") - a private microfinance organisation based in Kazakhstan. The loan will be provided in one tranche under the Youth in Business Programme for Central Asia ("YiBP CA", or the "Programme"), which is rolled into a blended finance programme under the Financial Intermediaries Framework ("FIF").

Project ID 56221

Status Approved

Location

Kazakhstan

Business Sector

Financial Institutions

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Raushan Kurbanaliyeva
raushan-k@arnurcredit.kz
+7 701 781 81 45
arnurcredit.kz
10/2, Baitursynov str., Shymkent, Kazakhstan

Project ID 56221

Status Approved

Location

Kazakhstan

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

29 Jul 2025

Disclosure date

05 Aug 2025

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

Project Objectives

The aim of the loan is to (i) continue supporting youth MSMEs in Kazakhstan, helping them overcome the consequences of the challenging market environment and increase their resilience and adaptability; (ii) diversify AC's funding base; and (iii) strengthen AC's digital sales channels. AC will continue providing loans aimed at investments in climate change mitigation and adaptation technologies and services supporting Green Economy Transition.

Transition Impact

ETI score: 71

71 (FW)

The transaction will be the second loan to AC under the YiBP CA. The project will contribute to the Programme's objectives and support its Inclusive (Primary) and Competitive (Secondary) qualities. The project is expected to increase lending to young entrepreneurs, support AC's capacity building and promote the transfer of skills to young business owners/ managers.

Client Information

ARNUR CREDIT MICROFINANCE ORGANIZATION LLP

Arnur Credit ("AC") is a private microfinance organisation in Kazakhstan with total assets of USD 102 million, total equity of USD 25 million, over 20,000 active clients, and 46 offices as of YE2024. AC is headquartered in Shymkent, a major city in the South of Kazakhstan.

EBRD Finance Summary

USD 7,000,000.00

Total Project Cost

USD 7,000,000.00

Additionality

Financing structure: additionality of the loan is expected to stem from provision of the local currency medium-term financing to AC for onlending to eligible MSMEs and individuals. Such funding remains limited in the local market, especially for non-deposit taking organisations like AC.

Innovative financing structures and/or instruments: the project will benefit from a Results- based Compensation, which is a tailor-made and innovative instrument in the Central Asian market. RBC is intended to support AC to offer lower or more flexible collateral requirements.

Standard setting: through a combination of elements (financing; RBC; TC), the Programme helps the client raise its inclusive financing standards by generating a better awareness and understanding of the needs of the underserved segment of young entrepreneurs. The comprehensive TC package supports clients in adapting their products and delivery mechanisms to better suit the needs of young entrepreneurs, thus allowing AC to use the potential of the segment and accelerating its financial inclusion.

Knowledge, innovation and capacity building: AC will benefit from the Programme's extensive capacity building, comprising training, advisory support for PFIs and for Youth MSMEs through ASB activities, allowing all parties to access and benefit from knowledge and expertise that may not be present in the local market. A strong focus is on digital delivery to maximise outreach and improve accessibility to services in the regions outside of the capital cities, making the products attractive to young entrepreneurs and micro-companies.

Standard setting: through a combination of elements (financing; RBC; TC), the Programme helps the client raise its inclusive financing standards by generating a better awareness and understanding of the needs of the underserved segment of young entrepreneurs. The comprehensive TC package will support the client in adapting its products and delivery mechanisms to better suit the needs of young entrepreneurs, thus allowing AC to use the potential of the segment and accelerate its financial inclusion.

Technical Cooperation and Grant Financing

1) TC support for the YiBP CA includes two linked TC components: (i) tailored capacity-building for participating financial institutions:

Funding source: SSF
Amount/currency: USD 4m at the Programme level

(ii) capacity-building for Youth MSMEs via the ASB:

Funding source: SSF, other donors
Amount/currency: USD 6m at the Programme level

AC will make parallel contributions to seminars, events, marketing activities and materials, which may be used for training and promotion of YiB-related products.

2) Co-investment grants / Concessional Finance ("Non-TC"): the project involves a Results-based Compensation ("RBC") of up to 3% of the YiB loan (up to USD 210,000). The RBC is envisioned to incentivise and partially compensate AC for the up-front investments related to building the necessary infrastructure for a sustainable YiB lending expansion.

Funding source: SSF

Amount/currency: USD 210,000 in total (3% of the Loan amount).

Company Contact Information

Raushan Kurbanaliyeva
raushan-k@arnurcredit.kz
+7 701 781 81 45
arnurcredit.kz
10/2, Baitursynov str., Shymkent, Kazakhstan

PSD Last Updated

05 Aug 2025

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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FIF - YiB CA - MFO Arnur Credit Loan II

Overview

Project timeline

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Technical Cooperation and Grant Financing

Company Contact Information

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)

FIF - YiB CA - MFO Arnur Credit Loan II

Overview

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Environmental and Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)