The $500 million multranche financing facility (MFF) to the Damu Entrepreneurship Fund (Damu), a state- owned entity responsible for the development of small and medium enterprises (SMEs) in the Republic of Kazakhstan (Kazakhstan) will help address the demand for long term credit by viable SMEs over the medium term.
The facility provides local currency (tenge) fixed interest rate financial intermediation loans (FILs) to participating financial institutions (PFIs) for lending to small and medium-sized enterprises (SME). The Tranche 1 project (Tranche 1) of T22.2 billion ($150 million equivalent) became effective on September 2011 and was completed on September 2013. The Tranche 2 project (Tranche 2), of $122 million, became effective on November 2014 and was fully disbursed to the PFIs in December 2014. As of 31 January 2015, $2.6 million equivalent had been disbursed to end borrowers SMEs.
Tranche 3 was approved by ADB's management in December 2014 and is awaiting effectivity.
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