ADB provides a loan of $122 million to support S&MBs in Kazakhstan

The Asian Development Bank (ADB) is providing Kazakhstan a loan of $122 million to support small and middle-sized businesses; the money will be channeled through the State-run Damu Entrepreneurship Development Fund and eligible banks, according to the ADB’s press release.

In line with the agreement, ADB provides the funds for a 5-year period, with the loan backed by a Government’s guarantee. The State-run Damu Entrepreneurship Development Fund, in its turn, will channel the money through Kazakhstan-based CenterCredit and Tsesna banks to support small and middle-size businesses.

The loan is part of the second tranche of the $500 million program to support S&MBs approved by the ADB in 2012. The project will place a special emphasis on S&MBs in country’s regions and businesses run by women.

The Asian Development Bank aims for an Asia and Pacific free from poverty. Approximately 1.7 billion people in the region are poor and unable to access essential goods, services, assets and opportunities to which every human is entitled.