Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

14 Jun 2022



PSD disclosed:

20 Jun 2022

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

The provision of a 3-year senior loan in the amount of up to US$ 25 million (in US dollar  or Kazakhstan tenge equivalent) to Microfinance Organisation KMF ("MFO KMF") under FIF (OpId 42474). The financing will be used for on-lending to eligible private micro, small and medium enterprises (MSMEs) in Kazakhstan.

Project Objectives

The Project continues to support local currency lending to the MSME sector in Kazakhstan by providing medium-term financing to MFO KMF. A special focus will be given to the distribution of funds to women-led MSMEs and in the regions outside the cities of Nur-Sultan and Almaty.

Transition Impact

ETI score: 65

The proposed Project contributes to the objectives of the FIF supporting the Inclusive and Competitive TI qualities. The proposed project will enable KMF to further strengthen the transition impact achieved under the previous projects.

Client Information


MFO KMF, a client of the EBRD since 2005, is the largest private MFO in Kazakhstan with a market share of 23 per cent, total assets of US$ 505.4 million, total equity of US$ 118.5 million, over 245,000 of active clients and 124 offices (14 branches and 110 outlets) as of end-May 2022. KMF's principal shareholders are four international and one local funds with a joint stake of 90.0 per cent. The company is rated B+ by Fitch (26 May 2022), with a stable outlook.

EBRD Finance Summary

USD 25,000,000.00

Total Project Cost

USD 25,000,000.00

The loan will be provided either in US$ or in KZT. 


Financing structure:

(i)  the EBRD offers local currency financing on terms not readily available in the market.

(ii) the EBRD offers a tenor, which is longer than available to the client in the market on reasonable terms and conditions.

Knowledge, innovation and capacity building:

KMF will benefit from high-quality unconscious gender bias training developed by the EBRD. The training will help to address unconscious bias, improving the client's internal practices and leaving it better able to serve women-led MSMEs.

Environmental and Social Summary

Categorised FI (2019 ESP). MFO KMF is an existing client and will continue to comply with PRs 2, 4 & 9 and apply the 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

Similar to other partner financial institutions, KMF will benefit from trainings under the Regional Small Business Programme for Central Asia (the "RSBP") (TCRS ID 7579, € 4.3m). The RSBP focuses on centralised knowledge sharing for banks, nonbank 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, and provides access to trainings in the 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, KMF will cover expenses related to staff participation in seminars and costs of regular portfolio reporting requirements.

Company Contact Information

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

Implementation summary

The Project included a senior unsecured loan of up to US$ 40 million in KZT equivalent to microfinance organization KMF ("KMF" or the "Company") to address the negative impact of the Covid-19 pandemic. The tranches of the loan were disbursed in July 2020 and in November 2021. The loan proceeds were on-lent to local private micro-, small and medium-sized enterprises ("MSMEs") and individuals for business purposes to cover liquidity needs that arose as a result of Covid-19. This project was approved as part of the Bank's response to the Covid-19 pandemic.

The Project had (i) Resilient and (ii) Competitive transition qualities:

(i) EBRD provided funding in times of suspended cash inflows in support of businesses experiencing direct and indirect impact of the Covid-19 pandemic; this funding not only supported continued operations of KMF, but the resilience of the entire microfinance sector as KMF remains the market leader.

(ii) The Project supported KMF's lending to private MSMEs, including in the agricultural sector and women-led businesses, in Kazakhstan and preserved competition.

PSD last updated

29 Sep 2022

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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