News

News

IFC provides $40 million to Banco CMF to promote access to finance for SMEs in Argentina

IFC provides $40 million to Banco CMF to promote access to finance for SMEs in Argentina

IFC, a member of the World Bank Group, will provide $40 million to Banco CMF to expand the bank’s lending to small and medium enterprises (SMEs) in Argentina. Banco CMF provides personalized services to its SME clients, thus allowing it to address their specific lending needs. Financing SMEs in emerging markets is key because they are an essential engine for growth and job creation, including in Argentina. It is estimated that 4 out of 5 new formal jobs are created by SMEs in emerging markets, according to IFC. “With IFC’s partnership, we will be able to expand our support to SME clients’ growth and productivity in Argentina” said Marcos Prieto, Banco CMF’s CEO. “This financing shows IFC’s confidence in Banco CMF’s ability to promote productive enterprises in the country.” 

RELATED