Kazakhstan's DAMU Entrepreneurship Development Fund allocated KZT 10 bn ($22.4 mn) for a new initiative aimed at financing women’s entrepreneurship, The Astana Times reported. The Umit (Hope) program offers a broad spectrum of opportunities for business growth. Women entrepreneurs across all regions of Kazakhstan, including villages and small, single-industry towns, will have the chance to secure financing through second-tier banks.
The maximum loan duration extends up to 84 months, with a preferential rate for investment purposes and working capital replenishment, with a loan ceiling of up to KZT 100 mn ($223,822). The support will be channelled to all sectors of the economy, except the financial and insurance industries, real estate transactions, and wholesale and retail trade.
Earlier, Daryo reported that Andi Aranitasi, the Director and Head of Uzbekistan at the European Bank for Reconstruction and Development (EBRD), recently disclosed on LinkedIn the allocation of new funds to bolster women-led businesses in Uzbekistan. The EBRD is extending a loan of up to $6 mn to Uzbek Leasing International.
Uzbekistan is making efforts to raise the proportion of small and medium-sized businesses owned and managed by women from the current 25% to 40%, in line with the country’s 2030 strategy for gender equality. The loan to Uzbek Leasing marks a significant stride towards realizing this objective by generating new growth opportunities for women entrepreneurs.
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