IFC assists a leading microcredit company in Kazakhstan «KazMicroFinance» in cre...

Apr 2009
Almaty, Kazakhstan, April, 15 2009 - IFC, a subdivision of the World Bank, assists a leading microfinance institution in creating corporate governance practice to strengthen business during financial crisis and encourage increase of company attractiveness for investors.

«Microcredit organization «KazMicroFinance» joined IFC project on corporate governance in Central Asia under a pilot program aimed to increase of sustainability of local companies and encourage raising potential investments necessary for Kazakhstan. IFC will evaluate governance in the company according to the best international practice requirements.  

 «Proper corporate governance will help the company to better handle challenges and situations arising in the context of global economic crisis», said Tomash Telma, Senior Manager for Central Asia. “During crisis times investors are more eager to invest in companies with high corporate governance level”.  

Choice of “Microcredit Organization “KazMicroFinance” was quite logical – it is a leader in microfinance sector of the Republic of Kazakhstan and provides access to financial services for micro-and small business in rural and urban areas all over the country. According to the CEO of KazMicroFinance Zhussupov Shalkar, the company is a pioneer in microfinance sector of the Republic and has been operating since 1997 with 8 branches and 23 outlets in 6 oblasts and 527 population centers of the country, serves over 27 000  clients every year all over Kazakhstan. 

IFC provides consulting and trainings for Directors, managers and key stakeholders of the company. Thus, participation of the company KazMicroFinance in this project will create the best corporate governance practice in microcredit organizations according to world experience and will encourage the company to provide improved services to its clients.  

Since 2006 IFC has worked with banks and Central Asian companies to improve corporate governance by helping them to improve their operational performance and increase their ability to raise investments. «We hope that our company commitment to create corporate governance practice will set a pattern to follow for other market players », - noted Zhussupov Shalkar.

Source : IFC

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