FIF - Kazakhstan WiB - MFO Arnur Credit - WiB loan II



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

02 Nov 2021



PSD disclosed:

03 Nov 2021

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 senior unsecured loan of up to US$ 4.0m (€3.4m) in KZT equivalent to Arnur Credit - a private microfinance organisation based in Kazakhstan. The loan will be provided under the KazWiB (Women in Business programme) 

Project Objectives

The aim of the loan is to promote women's entrepreneurship and access to finance, and more broadly women's participation in business, through the development of a strong Women in Business SME sector in Kazakhstan, by facilitating access to finance and advice for women-led MSMEs. The loan will be complemented by the development of sustainable credit mechanisms targeted at women-led MSMEs through technical assistance to Arnur Credit; and technical support for women-led MSMEs in accessing know-how, business development tools and networking opportunities.

Transition Impact

ETI score: 80

80 (FW)

The project contributes to the objectives of the FIF and the KazWiB, supporting the Inclusive (Primary) and Competitive (Secondary) transition qualities. The overall objective of the KazWiB is to promote and support women's entrepreneurship and help address the access to finance gaps that women face. Moreover, at least 10 per cent of the loan proceeds will be utilised for GET-eligible projects to women-led businesses.

Client Information


Arnur Credit is a private microfinance organisation in Kazakhstan with total assets of US$ 56m, total equity of US$ 17.3m, over 19,500 active clients, and 43 offices as of  first half of 2021. AC is headquartered in Shymkent, former administrative capital of the Turkestan Region.

EBRD Finance Summary

USD 4,000,000.00

Total Project Cost

USD 4,000,000.00


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

Knowledge, innovation and capacity building: Arnur Credit will benefit from technical assistance (the KazWiB TC support, as well as TC support related to GET financing). TC support will be crucial in transferring skills and unique know-how which are not otherwise readily available to PFIs in the local market.

Environmental and Social Summary

Categorised FI (ESP 2014): Arnur Credit will be required to comply with PRs 2, 4 & 9 and further comply with the EBRD's E&S Procedures for Mortgage Lending and the 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

Arnur Credit, that is already a client of the EBRD under the KazWiB, will continue to benefit from the TC support under the new WiB loan, which will be mostly focus on further development of digital sales channels. The TC will consist of two linked components: (i) Capacity-building to Participating Financial Institutions, funded by the Ministry of National Economy of the Republic of Kazakhstan, to implement the Kazakhstan WiB Programme ("KazWiB"), and a range of cross-cutting activities in support of the KazWiB promotion and management; and (ii) women-led MSMEs access to know-how (Advice for Small Businesses).

Similar to other partner financial institutions in Kazakhstan, Arnur Credit will benefit from trainings under the EBRD Regional Small Business Programme for Central Asia Technical Cooperation Programme (the "RSBP") (TCRS ID 7579, €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.

For the implementation of the GET component of the transaction, Arnur Credit will benefit from the TC support of up to EUR 30,000. The TC will help AC to (i) develop marketing and product strategies, and prioritise internal resources for the new green financing opportunities; and (ii) aid the AC's sub-borrowers in structuring their sub-projects and preparing them for financing. The TC funds are provided by Austria. Moreover, Arnur Credit will be able to access the e-Learning platform developed by GECA/E2C2.

Company Contact Information

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

PSD last updated

03 Nov 2021

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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