FIF - MFO Arnur Credit MSME Loan II



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

21 Jul 2020



PSD disclosed:

28 Jul 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

This project was approved in the context of the Bank's response to the COVID-19 pandemic. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information.  Details of the Bank's response to COVID-19, and this deviation, can be found on our website.

The provision of a senior unsecured loan of up to US$ 2m (€1.8m) in KZT equivalent to Arnur Credit. The proceeds of the loan will be used for on lending to private clients (MSMEs and individuals for business purposes). This project was approved in the context of the Bank's response to the COVID-19 pandemic. 

Project Objectives

The project will allow the EBRD to contribute to the MSME sector competitiveness by increasing availability of financing to local private MSMEs active in the rural areas; and provide much needed funding and liquidity to a strong private microfinance organisation ("MFO") for on-lending to real sector in the difficult times thus improving the resilience of the financial system.


Transition Impact

ETI score: 60


Client Information


Arnur Credit (AC) is a privately-owned microfinance organisation( MFO) in Kazakhstan with total assets of US$ 52m, total equity of US$ 13.8m, over 23,600 of active clients, 10 branches and 93 offices. AC is headquartered in Shymkent, an administrative capital of the Turkestan Region. It focuses on providing loans to micro, small and medium-sized enterprises and sole proprietors.

EBRD Finance Summary

USD 2,000,000.00

Total Project Cost

USD 2,000,000.00


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

Standard-setting: the project will allow Arnur Credit  and its sub-borrowers to achieve higher standards: Arnur Credit will continue to cooperate with the TC Consultant and improve lending technology in the MSME segment.

Environmental and Social Summary

Categorised FI (ESP 2014): AC will be required to comply with PRs 2, 4 & 9 and further comply with the EBRD's E&S Procedures for Mortgage Lending and EBRD's Environmental and Social Procedures for Corporate Loans, SME and Micro Loans, and will be required to submit annual environmental and social reports to the Bank.

Technical Cooperation and Grant Financing

Similar to other partner financial institutions in Kazakhstan, AC will benefit from trainings under the EBRD Regional Small Business Programme for Central Asia i Technical Cooperation Programme (the "RSBP") (TCRS ID 7579, EUR 4.3m). The RSBP focuses on centralised knowledge sharing for banks, non-bank microfinance institutions and other facilitators of MSME-finance via an electronic knowledge sharing and exchange platform as well as seminars on specialised subjects. The RSBP was launched in Kazakhstan in January 2018 for the initial period of 4 years and provides access to trainings in areas of sound credit analysis, risk management, non-credit banking services for MSMEs and other relevant topics. In line with the EBRD policy on parallel cost sharing, AC will cover expenses related to staff participation in seminars and costs of regular portfolio reporting requirements.

Company Contact Information

Raushan Kurbanaliyeva
+7 701 781 81 45
10/2, Baitursynov str., Shymkent, Kazakhstan

PSD last updated

28 Sep 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

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

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 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 to get guidance and more information on IPAM and how to submit a request.


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