Advisory, a line of business of KDF

The expertise to design it.

Small businesses are the backbone of emerging economies, yet millions are locked out of credit. The obstacle is rarely a lack of willingness to lend; it is risk. Infiniti Business & International Development Consulting helps design and strengthen credit guarantee schemes that share that risk, so lenders can reach the businesses that need finance.

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30+years in development finance
17countries worked in
17credit guarantee schemes since 2014

Hands-on experience in development finance and credit guarantee consulting.

Why credit guarantees

Turning risk into lending.

  1. Capital is locked

    Across emerging markets, many small businesses are creditworthy but short of collateral, a gap that stops growth before it starts.

  2. Risk stops lenders

    Financial institutions want to lend. Without a way to share the risk, the economics of small-business lending do not work.

  3. Guarantees change the calculation

    A well-designed credit guarantee scheme shares that risk, mobilizing finance at scale for underserved enterprises.

How we design schemes

Built around managing risk and the scheme's long-term sustainability, in every part of its operations.

Risk must be shared by all parties.

A scheme works only when the partner bank, the scheme and the borrower each carry part of the risk, and each does its part to reduce the risk for the other two.

  • The partner bank lends on the strength of the business and its cash flow, keeps a share of every loan at risk, and acts early when repayments slip.
  • The scheme covers most of the bank's loss, pays valid claims promptly, and checks that the agreed rules are followed.
  • The borrower puts their own money into the business, runs it, and repays the loan.

However, it should be noted that the stakes are not equal. For the bank and the scheme, a default is a loss on one loan. For the borrower, it can mean losing everything.

The strongest collateral a bank has: no borrower in this position defaults on purpose.

Illustrative split; the coverage ratio is set for each scheme.

Encourage partner banks. Protect the scheme.

A scheme works only if banks want to use it, and stays solvent only if they use it well. Every design balances both.

What partner banks need

  • Fast guarantee issuance
  • Prompt claim payment
  • Light reporting
  • Enough guarantee limit
  • Adequate loan coverage

What protects the scheme

  • Eligible, viable loans
  • Claims in line with the agreement
  • Credit standards maintained
  • Allocated limits actually used
  • Risk spread across many smaller loans

Trust is important for success. Verification ensures it.

Act early, before losses build.

Defaults rarely appear overnight. The share of guaranteed loans at risk is tracked every month, and each threshold triggers a firmer response.

  1. 5% at riskDocumentation checks on all outstanding guarantees
  2. 10% at riskRefresher training for the bank; closer checks on new applications
  3. 15% at riskReview of the bank's assessment, monitoring and collection processes
  4. 20% at riskNew guarantees suspended until loans at risk come down

Areas of expertise

Deep practice, applied where it matters.

01

Credit guarantee schemes

Design, implementation and reform of credit guarantee schemes for governments, development banks and donor-funded programs, from feasibility through operational launch, drawing on hands-on work with 17 schemes since 2014.

  • Scheme design
  • Product design
  • Scheme reform
  • Financial modelling
  • Business planning
  • MIS design
02

Development finance

Access-to-finance diagnostics, MSME financial inclusion strategy, blended finance and financial sector deepening, with extensive experience in financing programs for women and young entrepreneurs.

  • MSME finance
  • Financial inclusion
  • Gender finance
  • Market assessment
03

Credit risk management

Credit risk frameworks, guarantee portfolio modelling, provisioning methodology and capacity building for financial institutions, grounded in years of hands-on corporate and SME credit risk management.

  • Risk frameworks
  • Credit scoring
  • Institutional capacity building
  • Sensitivity analysis
04

Climate and sustainable finance

Bringing climate risk and sustainable energy finance into guarantee programs and financial sector reform: energy efficiency lending, green guarantees and climate-resilient MSME finance.

  • Climate finance
  • Energy efficiency
  • Green guarantees
  • Impact assessment

Selected assignments

Global practice, grounded experience.

For governments, central banks, development banks and guarantee institutions, across four regions and in multi-country programs. Assignments carried out for numerous multilateral agencies and consulting companies, and through Infiniti Business & International Development Consulting.

Egypt

KfW / Credit Guarantee Corporation (CGC), 2026 to present

Investment strategy to safeguard KfW's capital injection, and design of two new credit guarantee products: "Green" and "Start-ups and Innovative SMEs".

Jordan

KfW / Jordan Loan Guarantee Corporation, 2025 to present

Financial modelling for a credit guarantee scheme for private sector employment: investment strategy, guarantee products and the guarantee process, with input into planning an online MSME portal.

Lesotho

World Bank / Lesotho National Development Corporation, 2023 to present

Restructuring two government-owned guarantee schemes into one merged institution: business plan, process re-engineering, governance policies, operating procedures and staff training.

Sri Lanka

ADB / Business & Finance Consulting, 2022 to 2023

Senior risk management advisor for Sri Lanka's new national guarantee institution: risk framework, treasury policy, credit scoring, climate risk and leverage strategy.

Barbados

Caribbean Development Bank, 2021 to 2022

Assessed the financial sectors of all 16 Caribbean Development Bank member countries to design a regional partial credit guarantee scheme, with an IT and MIS roadmap.

Jamaica

World Bank / Development Bank of Jamaica, 2018 to 2019

Enhanced the Credit Enhancement Facility: business plan, financial model, credit risk processes, operating manuals and a purpose-built guarantee management system.

Select a pin to see the assignments in that country.

Caribbean and Latin America

Bahamas
  • Small Business Development Centre / IDB 2020 to 2021, CGS Financial Modelling Expert Portfolio and individual guarantee scheme design, business plan, operations manual, credit risk triggers and IT platform specification.
Barbados
  • Caribbean Development Bank 2021 to 2022, Credit Guarantee Specialist Regional partial credit guarantee scheme assessment across 16 member countries, with IT/MIS roadmap and implementation plan.
Jamaica
  • World Bank / Development Bank of Jamaica 2018 to 2019, CGS Financial Expert Enhanced the Credit Enhancement Facility: business plan, financial model, credit risk processes and a bespoke guarantee management system.
Mexico
  • GIZ / BMU 2018, Consultant Feasibility assessment for a guarantee scheme supporting SMEs in Mexico's transition to a low-carbon economy.

Africa

Lesotho
  • World Bank / Lesotho National Development Corporation 2023 to present, Senior Expert, Credit Guarantee Merging two government guarantee schemes into a single institution: business plan, process re-engineering and training.
Mozambique
  • World Bank 2018 to 2020, Short Term Consultant Completion report for the Enabling Environment for Long Term Finance program.
  • World Bank 2018 to 2019, Short Term Consultant Results measurement assessment for the Financial Inclusion Support Framework.
Kenya
  • Government of Kenya / A2F Consulting 2019 to 2020, Consultant Feasibility study for a national credit guarantee fund, with comparative analysis of schemes in East Asia, South Africa and Latin America.
South Africa
  • World Bank / SECO 2017 to 2018, CGS Financial Expert SEFA guarantee scheme: financial model, funding model, governance structure and risk management guidelines.
  • World Bank 2018 to 2019, Short Term Consultant Completion report for a four-year financial sector development and reform program.

Middle East and Caucasus

Egypt
  • KfW / Credit Guarantee Corporation (CGC) 2026 to present, Credit Risk and Guarantee Expert Investment strategy to safeguard KfW's capital injection, and parameters for two new guarantee products: "Green" and "Start-ups and Innovative SMEs".
Jordan
  • KfW / Jordan Loan Guarantee Corporation 2025 to present, Financial Modelling Expert Credit guarantee scheme for private sector employment: investment strategy, guarantee products backed by a financial model, guarantee process review and data exchange with banks, with input into planning an online MSME portal.
  • BFC / GIZ 2021, Consultant Digital transformation strategy review for the Jordan Loan Guarantee Corporation.
Azerbaijan
  • ADB / Business & Finance Consulting 2020, International Financial Modeller First-loss portfolio cover facility for MSMEs: financial model, sensitivity and sustainability analysis, and MIS specification.

South and Southeast Asia

Sri Lanka
  • ADB / Business & Finance Consulting 2022 to 2023, Senior Risk Management Advisor Risk framework, treasury policy, credit scoring and climate risk integration for a new national credit guarantee institution.
Bangladesh
  • ADB / PKSF 2024, Credit Guarantee Specialist Credit enhancement for microenterprise financing: policy finalization, legal review and training.
  • ADB / PKSF 2023 to 2024, CGS Risk and Financial Modelling Guarantee fund structure, financial modelling and operating policies for microfinance institution financing.
  • IFC / Bangladesh Bank 2022 to 2023, Senior Technical Expert National scheme implementation: policy framework, loan processing, claims management and capacity building of the CGS Unit.
  • World Bank / IFC 2017 to 2018, Credit Guarantee Consultant Scheme design for Bangladesh Bank to improve access to finance for women-led SMEs.
  • UNCDF 2017, CGS Consultant Pilot scheme for women SME entrepreneurs: operating procedures, manuals and IT/MIS recommendations.
  • Swisscontact 2016 to 2017, Consultant Agent banking market assessment: interviews with banks, agents and the central bank, and recommended changes to the regulations.
  • IFC, through Infiniti Consulting 2016 to 2017, Consultant SME profiling and impact tracer survey of businesses financed by an IFC client bank, with a case study for the banks and IFC.
  • Swisscontact 2016 to 2017, Financial Inclusion and Impact Assessment Consultant Mobile banking and seasonal loan products in the chors (river islands) of the M4C project area, with a strategy paper.
  • IFC 2015 to 2016, Business Planning and Strategy Consultant, Team Leader Business plan for the Textile Technology Business Center, run by IFC with BGMEA, to keep it going after the PaCT program ended.
  • European Union 2015, Senior Short-Term Expert and Team Leader Paper and seminar on the role of policy makers and central banks in SME access to finance.
  • UK Aid (DFID) / Nathan Inc. 2013 to 2014, Credit Guarantee Advisor Portfolio guarantee scheme for micro and small enterprises, focused on women-led businesses: terms agreed with banks, and an MIS from guarantee issuance to claim payment.
  • AVA Development Society, through Infiniti Consulting 2013 to 2014, Business Planning and Strategy Consultant Two EU-funded SME competitiveness grant projects, from concept note to final proposal, then advice during implementation.
Cambodia
  • Credit Guarantee Corporation of Cambodia / ADB 2022 to 2023, International Guarantee Documentation Expert Guarantee agreements for corporate bond issuance, between the guarantee corporation and bond issuers and bondholders.
Nepal
  • International Finance Corporation 2007 to 2013, Senior Financial Markets Specialist SME banking advisory: diagnostics, product development, credit scoring and sustainable energy finance.
India
  • International Finance Corporation 2007 to 2013, Senior Financial Markets Specialist SME banking advisory and capacity building for banks, as part of IFC's South Asia program.
Bhutan
  • International Finance Corporation 2007 to 2013, Senior Financial Markets Specialist Financial institution diagnostic and SME finance strategy advisory for the banking sector.

Multi-country programs

16-country access to finance program
  • Trade Facilitation Office Canada / Global Affairs Canada 2026 to present, Access to Finance Expert Market research across 16 countries in Africa, Asia and Latin America.

Clients and development partners

  • World Bank
  • IFC
  • Asian Development Bank
  • KfW
  • Caribbean Development Bank
  • Inter-American Development Bank
  • GIZ
  • UNCDF
  • UK Aid
  • European Union
  • Global Affairs Canada
  • Swisscontact

However small the equity a micro or small business owner has invested, it is often everything they own. The biggest collateral they offer is that if the business fails, they lose the ability to feed and shelter their families.

Tarek Kamal, on the true cost of excluding small businesses from credit
Tarek Kamal

Tarek Kamal

PMP, MBA

Managing Director, Kamal Development Finance Inc. (KDF)

Managing Partner and Principal Consultant, Infiniti Business & International Development Consulting

  • MBA, Venture Capital Management, University of Wisconsin
  • BSc, Quantitative Economics, minor in Political Science, University of Wisconsin
  • Project Management Professional (PMP)
  • Based in Ottawa, Canada
  • English, Bengali, French

Who leads Infiniti Consulting

Thirty years at the frontier of finance.

Infiniti Business & International Development Consulting is led by Tarek Kamal, who has spent more than 30 years at the intersection of finance and development, working with governments, multilateral development banks and financial institutions across the Caribbean and Latin America, Africa, the Middle East and Caucasus, and South and Southeast Asia.

His foundation is credit risk. As a corporate banker in multinational and local banks, and later as an adviser, he has developed financing for small businesses, from seasonal agricultural loans and light-engineering finance to renewable energy and energy-efficiency loans. He has carried out diagnostics of banks, leasing and finance companies, microfinance institutions and guarantee funds, and helped them turn the findings into business plans and financial models. He has also advised on agent and mobile banking as a way to reach, and lend to, underserved and remote areas.

His deepest expertise is in credit guarantee schemes: the instruments that share risk, unlock capital and make lending to small businesses viable at scale. As a credit guarantee expert for numerous multilateral agencies and consulting companies, he has worked on 17 schemes since 2014, many with capacity building for women and young entrepreneurs at their core. Among them are guarantee products that help lenders and borrowers come through catastrophic events, such as a pandemic, an earthquake or a hurricane, while keeping the fund sustainable. Infiniti Consulting also draws on a network of senior advisers with complementary experience.

His career spans finance, in leasing, commercial banking and multilateral development finance, as well as university teaching and communications management in public health:

  1. Since 2013 Credit guarantee and development finance consulting For multilateral agencies and consulting companies, and through Infiniti Business & International Development Consulting, founded in Bangladesh in 2013 and now KDF's advisory practice
  2. 2007 to 2013 Multilateral development finance SME banking, risk management and financial infrastructure across South Asia
  3. 1998 to 2000, 2004 to 2007 Commercial banking Corporate banking in multinational and local banks, specializing in credit risk management
  4. 2001 to 2004 University teaching A private university in Dhaka
  5. 1996 to 1998 Leasing A leasing and finance company
  6. 1993 to 1994 Communications management An international public health non-profit
Prudence, Credit Guarantee Manager

The platform to run it.

The schemes Infiniti Consulting designs can run on Prudence, KDF's credit guarantee management platform: the business plan becomes the configuration.

About Prudence

Let's talk about your scheme.

Whether a scheme is still an idea or has been running for years, we can help at every stage.

Contact us at directions@kdfcorp.com

Contact us
  • Feasibility studies and business plans for new credit guarantee schemes
  • Redesigning or restructuring an existing scheme
  • Financial modelling, operating processes, policies and manuals
  • Moving from individual guarantees to a portfolio scheme
  • Training for the scheme team and partner financial institutions
  • Running the scheme on Prudence