IFC Lends R2.5bn to Help SMEs
IFC has provided sub-Saharan African SMEs additional finance. R2.6bn has been committed through the SME Push Program to FirstRand. The program’s primary focus is enabling job creation, and encouraging the banks to provide financing to a wider section of the SME market.
Over the next five to seven years, the program aims to widen its network to Standard Bank, Absa and Nedbank, providing up to $3bn in the form of investments, risk-sharing facilities, and advisory services. One-third of this amount would be in hard cash, while the other two-thirds would involve risk-sharing arrangements.