The loan is intended to boost its services to micro-, small, and medium-sized enterprises – especially in rural areas – to “improve financial inclusion and contribute to Kazakhstan’s recovery from the COVID-19 pandemic.”

The fintech has now raised $38 million to date and intends to use the fresh capital to launch new financial products in Ghana, expand its customer base throughout the continent.

The green projects that will be financed  belong to the renewable energy category, in particular solar kits.

This loan is ADB's first intervention in Kazakhstan's financial sector in several years. It will support KMF's efforts to improve financial inclusion and contribute to Kazakhstan's recovery from the COVID-19 pandemic.

The green lending program will direct much-needed financing to small-scale green projects across Africa, South and Southeast Asia through local MSME banks.

The second fund aims to finance African rural microfinance institutions and agricultural entities sourcing from small-holder farmers in the continent.

Attracted financial means will be directed towards the development of micro, small and medium-sized businesses in Armenia.

Through this course, bank staff learn about climate risks and opportunities, methods to assess climate risk and offer biodiversity or nature-based adaptation and mitigation solutions to climate proof their clients and reduce the bank’s exposure to climate risk. 

The initiative is part of a larger LuxDev effort in Niger that has a total budget of EUR 145 million (USD 156 million).

Through this partnership, more than 5,000 MAX drivers will also gain access to digital financial services offered by VFD Microfinance bank.