📋 Tender Overview
Project Number
50568
Company Name
Microfinance Organization Asian Credit Fund LLC
Date SPI Disclosed
Apr 9, 2025
Country
Kazakhstan
Region
Central Asia and Turkiye
Projected Board Date
May 1, 2025
Environmental Category
FI-3
Status
Pending Approval
Last Updated Date
Department
Regional Industry FIG MCT
Industry
Financial Institutions
Sector
Microfinance and Small Business - Non Commercial Banking
Project Description
The proposed Project consists of a senior loan of up to $5 million, to be disbursed in local currency (Kazakhstani Tenge or KZT), to microfinance organization Asian Credit Fund LLC (ACF or the Company). ACF will use the proceeds from the loan to provide access to finance for underserved microenterprises (MEs) in rural areas of Kazakhstan. 75% of the proceeds are planned to be earmarked for agricultural (Agri) end-borrowers, and up to 50% for women-owned microenterprises (WMEs). IFC's loan is expected to have a tenor of up to 3 years with a 12-month grace period.
Associated Advisory Engagement
The IFC Advisory team will conduct Governance for Sustainability assessment to support ACF in enhancing its corporate governance practices, including the oversight of environmental and social risks, with a particular focus on risk management and internal audit.
Additionally, for risk management, the focus will be on improving the system to align with ACF's growth, digitalization efforts, online lending, regulatory requirements, climate impact, information security, and operational risk management. Further, the Risk Committee of the Supervisory Board will be advanced with best practices.
