Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

28 May 2020



PSD disclosed:

11 Jun 2020

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

The provision of a senior unsecured loan of up to US$ 40 million in KZT equivalent to microfinance organization KMF ("KMF" or the "Company") will help to address the economic impact of the Covid-19 pandemic. Proceeds of the proposed loan will be on-lent to local private micro-, small and medium-sized enterprises ("MSMEs") and individuals for business purposes to cover liquidity needs that may arise as a result of Covid-19. This project was approved as part of the Bank's response to the Covid-19 pandemic.

Project Objectives

The operation will enable KMF to increase the availability of short-term financing to MSMEs and individuals facing liquidity stress due to the Covid-19 crisis in Kazakhstan.

Transition Impact

ETI score: 80

The goal of the operation is to ensure resilience of the Company and the financial sector, and to preserve competition in the sector.

Resilient: availability of funding in times of suspended cash inflows in support of businesses experiencing direct and indirect economic impacts of the Covid-19 pandemic will support continued operations of the institution. The latter will also support the resilience of the entire MFO sector.

Competitive: the project will support KMF's lending to private MSMEs, including in the agricultural sector and women-led businesses, in Kazakhstan and preserve competition.

Client Information


KMF is a long-standing client of the EBRD since 2005. It is the largest private microfinance organization in Kazakhstan. The company operates through 111 offices and has over 225,000 active clients.

EBRD Finance Summary

USD 40,000,000.00

Total Project Cost

USD 40,000,000.00


The project is part of the Covid-19 crisis response. The project allows KMF to respond to liquidity needs of MSMEs experiencing business slowdowns and payment delays. The EBRD remains one of the few institutions providing funding in Kazakhstan in the local currency.

Environmental and Social Summary

Categorised FI (2019 ESP). MFO KMF is an existing client and is required to continue to comply with PRs 2, 4 & 9 and apply EBRD's E&S Risk Management Procedures for Corporate and SME loans and submit annual environmental and social reports to the Bank.

Technical Cooperation and Grant Financing


Company Contact Information

Elena Skufalyaridy
+7 (727) 331-74-74
MFO «KMF» 50, Nazarbayev ave. Almaty 050004 Republic of Kazakhstan

PSD last updated

11 Jun 2020

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 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 the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social 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 additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from 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 activities of the Bank 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 Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both 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. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. 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 sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. 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 (e.g. 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 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; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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