Almaty, December 22, 2022
Symbiotics Investments has provided its first subordinated debt in Kazakhstan to its long-standing partner Asian Credit Fund (furthermore- ACF). The investment will strengthen ACF’s capital base by the equivalent of 1.5 million USD in Kazakh Tenge. Through the transaction, Symbiotics Investments aims to boost ACF’s strong growth plans to provide rural households and businesses with much-needed financing.
ACF has partnered with Symbiotics since 2006, supporting the impact investment fund to expand access to responsible business financing for citizens of Kazakhstan.
“We are proud to receive the subordinated debt from our partner Symbiotics Investments. This investment will help strengthen our capital base and promote income generation in rural areas of Kazakhstan by expanding financial inclusion.”, says ACF Executive Director Zhanna Zhakupova.
ACF Board Chairperson Talgat Salikhov noted: “We are happy to have this milestone with Symbiotics Investments. Our partnership signals the confidence of international investors in our operations and impact. ACF will continue serving rural households and MSMEs, particularly now when liquidity is essential to the survival of many smaller businesses in today’s unusually challenging market conditions.”
“This transaction has been the first ever subordinated debt facility provided by a foreign investor to a non-banking financial institution in Kazakhstan. The signing of a loan in local currency for a five-year term opens a new page in our cooperation with ACF.” commented Alexandr Fando, Regional Manager for the Caucasus and Central Asia region at Symbiotics Investments.
For further information, please contact:
Zhanna Zhakupova
Executive Director
Microfinance Organization Asian Credit Fund LLC, Almaty, Kazakhstan
Email: info@acfund.kz
Samy Derradji
Corporate Communication Manager, Symbiotics
Email: samy.derradji@symbioticsgroup.com
About ACF
ACF is a microfinance organization operating in accordance with the license of the Agency of the Republic of Kazakhstan for the Regulation and Development of the Financial Market (ARDFM), the financial sector regulatory body. . ACF is the 3rd largest MFI regarding the number of rural borrowers. ACF provides financial services to households and SMEs in rural areas. More than 60% of ACF borrowers are women. Currently, ACF operates through 58 offices of 10 branches, most of which are located in rural areas. In addition to microlending, ACF provides training and advisory services promoting financial literacy and business development. ACF is committed to making a positive contribution to the daily lives of vulnerable people in Kazakhstan.
About Symbiotics Investments
Symbiotics is the leading market access platform for impact investing, dedicated to private markets in emerging and frontier economies. The group offers investment, asset management and capacity building services. Since 2005, Symbiotics Investments has originated over 7,100 investments representing more than USD 7.5 billion for 541 companies in 94 countries. symbioticsgroup.com