IFC Supports Development Of Women's Entrepreneurship In Kazakhstan (Exclusive)

12/3/2023 10:09:27 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 3. International Finance Corporation (IFC) supports the development of women's entrepreneurship in Kazakhstan, Ekaterina Benjamin, International Finance Corporation's (IFC) Country Officer for Kazakhstan, told Trend .

"At IFC, we are convinced that women's entrepreneurship and economic empowerment are critical to inclusive economic growth. Where women are empowered, they can contribute their full potential - leading to a more diverse and dynamic workforce," she said.

According to Benjamin, nations that demonstrate greater gender parity enjoy increased per capita national income and experience accelerated economic expansion.

"According to statistics from the Fund for Sustainable Development and Support of Women's Entrepreneurship in Kazakhstan, women constitute 51.8 percent of the population and play a significant role in generating about 40 percent of the country's total Gross Domestic Product. Additionally, they manage approximately 42 percent of small and medium enterprises, and female entrepreneurs contribute to 30 percent of employment within this sector," IFC's Country Officer said.

As she noted, this was one of the reasons IFC's funding to microfinance organizations such as KMF, Arnur Credit, and Shinhan Finance included a gender component.

"For instance, at least half of the funds provided to KMF are earmarked for women-owned small enterprises, while at least 25 percent of our investment in Shinhan Finance will be earmarked for women-owned small businesses," Ekaterina Benjamin said.

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