IFC and Arnur Credit Partner to Expand Finance Access for Women Entrepreneurs and Small Enterprises in Kazakhstan

In a move aimed at catalyzing inclusive economic growth and addressing the severe financing shortfall in Kazakhstan’s entrepreneurial ecosystem, the International Finance Corporation (IFC) has signed a landmark local currency loan agreement with Arnur Credit. The $10 million-equivalent deal seeks to enhance access to finance for micro and small enterprises (MSEs), with a sharp focus on empowering women-led businesses.

Targeted Financial Empowerment

Under the agreement, $4 million of the funding—40 percent—will be dedicated to businesses run by women. This initiative is particularly significant in light of Kazakhstan’s estimated $16.8 billion finance gap for micro, small, and medium enterprises (MSMEs), which equates to approximately 10 percent of the country's GDP. Notably, women-owned enterprises account for 30 percent of this gap, highlighting persistent gender disparities in economic access and opportunity.

The financing package includes a $5 million-equivalent local currency loan directly from IFC’s own account. An additional $5 million-equivalent is being mobilized by IFC from Invest in Visions GmbH, a German impact investment firm focused on financial inclusion through micro and small business loans.

Scaling Impact Through Strategic Partnerships

Arnur Credit, one of Kazakhstan’s leading microfinance institutions, has steadily expanded its footprint in the MSME segment since its partnership with IFC began in 2012. Currently, around half of Arnur Credit’s loan portfolio is devoted to women-led enterprises. The latest IFC support will allow Arnur Credit to broaden its reach, increase lending to underserved entrepreneurs, and deepen its contribution to sustainable local economic development.

“For the past few years, Arnur Credit has shown strong, consistent growth,” said Raushan Kurbanaliyeva, Chairperson of the Management Board of Arnur Credit. “With approximately half of the company’s current loan portfolio dedicated to women-led businesses, we aim to expand our support further. IFC’s financing will help us reach more women entrepreneurs, supporting them in growing their businesses and contributing to the economy.”

Support from Global Gender Equality Initiatives

The loan is being provided under the auspices of the Canada-IFC Advancing Gender Equality, Resilience, Opportunity, and Inclusion Worldwide (GROW) Facility. Launched in 2024 with a $100 million investment from the Government of Canada, the GROW Facility aims to unlock up to $470 million in private capital globally for gender-focused investments. The support to Arnur Credit underscores the global commitment to bridging gender gaps through targeted financial intervention and capacity building.

Building Economic Resilience from the Ground Up

Kazakhstan’s micro and small businesses play a critical role in the national economy, yet many struggle to obtain the funding needed for expansion and sustainability. The IFC-Arnur Credit partnership is also part of the broader MSME Finance Platform – Base of the Pyramid Envelope. This IFC initiative provides medium- to long-term loans to selected financial service providers across developing markets, with a special emphasis on financial inclusion for low-income populations, informal businesses, and enterprises lacking traditional access to capital.

“Micro and small businesses are the engine of economic growth, but too many of them—especially women entrepreneurs—struggle to access financing,” noted Zafar Khashimov, IFC Country Manager for Kazakhstan. “Our investment in Arnur Credit will help expand access to finance for micro and small entrepreneurs and women-run businesses, empowering them to grow, innovate, and generate jobs.”

A Decade-Long Collaboration Continues

Since the inception of their collaboration in 2012, IFC and Arnur Credit have worked together to extend financial access in underserved regions of Kazakhstan. This new investment builds upon their longstanding relationship and reflects IFC’s strategic commitment to strengthening inclusive financial systems that foster equitable economic opportunity.

By mobilizing private capital, engaging strong local partners, and aligning with global development goals, this initiative represents a significant step forward in addressing structural barriers to inclusive entrepreneurship in Central Asia.