BOPA increases its equity stake in Asian Credit Fund

November 4, 2020 BOPA Company (Base of the Pyramid Asia), the majority equity participant in Microfinance Organization Asian Credit Fund LLC (ACF) has increased its equity stake in ACF by KZT 212.5 million, equivalent to USD 500,000. This new capital will increase the total equity of ACF to KZT 1.9 bln., equivalent to approx. USD 4.3 mln. and BOPA’s ownership to 98.32%. The remainder is held by Karavella Invest LLC, Kazakhstan, the company established and owned by ACF employees.

“We continue to be impressed with how ACF has managed the Covid-19 challenges and to support the institution, we have decided to strengthen the equity in ACF by USD 500k. This will allow ACF to grow further and help more micro and small businesses in Kazakhstan during this autumn and upcoming winter” commented Christian Andersen, CEO of BOPA.

Zhanna Zhakupova, Executive Director of ACF commented “The Covid-19 pandemic has negatively impacted many companies. The introduction of a state of emergency, the transition to remote work, increased uncertainty among the population and employees – this is what almost every company has faced. However, a correctly chosen strategy, taking into account the environment, helping us to get through difficult times, and additional investments from BOPA will help us improve our position after the crisis.”