IFC Invests in Shinhan Finance to Support Smaller Businesses in Kazakhstan

To improve access to finance for micro and small enterprises (MSEs) and women-owned small businesses in Kazakhstan, IFC is investing in LLP Microfinance Organization Shinhan Finance (Shinhan Finance). The financing will allow Shinhan Finance to continue providing much-needed longer-term loans and enhance the resilience of smaller enterprises, which are critical for economic growth and job creation.

Up to $60 million financing package, of which the first tranche of $20 million has been committed, will be disbursed in local currency over the next few months to Shinhan Finance. The proceeds will be lent to MSEs, of which at least 25 percent will be earmarked for women-owned small businesses. In addition, IFC supported development and implementation of Shinhan Finance's environmental and social management system, helping build proper capacity to manage its environmental and social risks.