EMGA Secures US$50 Mln Financing For Kazakhstan’s MFO KMF

KUALA LUMPUR, April 16 (Bernama) -- Emerging Markets Global Advisory LLP (EMGA) has secured a US$50 million facility senior debt facility from the Japan International Cooperation Agency (JICA) for Kazakhstan’s MFO KMF. (US$1=RM4.78)

EMGA Head of Investment Banking and Managing Director, Sajeev Chakkalakal in a statement said: “We are delighted to have arranged this new landmark debt facility for our long-standing client KMF.

“It has been a real pleasure to work with them again, as they continue to solidify their position as the largest MFI in the country, and further strengthen their financial position in spite of turbulent times.”

Concurrently, EMGA Managing Director, Jeremy Dobson added this new financing will help KMF deliver on its stated mission; to continue to help entrepreneurs throughout Kazakhstan, and to develop its business with a greater focus on female owned businesses and in rural areas.

Meanwhile, KMF Chairman of the Board, Shalkar Zhusupov said this is the first time KMF has entered into a partnership with JICA, whose goals and mission are close to its own.

“The funds from JICA will be used to implement projects to support micro and small enterprises, including rural entrepreneurs, which will create new opportunities and contribute to their economic growth," said Zhusupov.

MFO KMF is one of the leaders in the Central Asian microfinance sector, and the company disburses clients individual and group loans for activities, including business, trade, crop farming and cattle-breeding.

On the other hand, JICA is a governmental agency that delivers the bulk of Official Development Assistance for the government of Japan. It is chartered with assisting economic and social growth in developing countries, and the promotion of international cooperation.

With offices in London and New York, EMGA helps financial institutions and corporations seeking new debt or equity capital, completing transactions on behalf of its clients within the world’s emerging markets and frontier economies, including Kazakhstan which remains a key market.

-- BERNAMA