The International Finance Corporation (IFC) and the Central Bank of Madagascar have partnered to enhance the country’s public credit registry, aiming to improve credit reporting and expand access to finance for individuals and small businesses. The collaboration involves strengthening credit data sharing, training Central Bank employees, and promoting a functional credit information system. The project aims to support economic activity, create jobs, and bolster financial sector resilience in Madagascar. It will also facilitate collaboration between the public credit registry and the private credit bureau.
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Standard Chartered, IFC sign $700m trade finance program
Standard Chartered and the International Finance Corporation (IFC) have signed a $700m investment in IFC’s Global Trade Liquidity Programme to support global trade finance. The facility is expected to support up to $6.4bn in trade over three years across Asia, the Middle East, Africa and Latin America by supporting about 850 importers and exporters involved in critical commodities, basic goods and other essential materials. The GTLP programme continues to evolve to reflect changing market dynamics and now features a significant climate component as well as seeking greater activity in the areas of IDA markets and food security.
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Cote d’Ivoire: IFC partners with Bank of Africa for $77m SME finance facility
The International Finance Corporation (IFC) has invested $77m in a risk-sharing facility for the Bank of Africa Group, aiming to increase lending to small and medium-sized enterprises (SMEs), including women-owned businesses, in Ghana, Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal, Tanzania, Togo, and Madagascar. The investment is expected to guarantee BOA Group 50% of a loan portfolio up to $154m, which will be distributed to businesses in the agriculture, trade, energy, construction, and other sectors. The investment is also supported by the Global SME Finance Facility (GSMEF) and Women Entrepreneurs Finance Initiative (We-Fi) among others.
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DR Congo: IFC lends $35m to Rawbank for MSME loans
IFC announced a new investment of 35 million USD in Rawbank/DR Congo to improve access to financing for micro, small and medium enterprises (MSMEs). The investment is seen as a commitment to growth and job creation in the DR Congo, and will significantly increase the availability of long-term credits for small businesses in a market where MSME financing is estimated to be 26% of GDP. The investment falls under IFC’s “Base of the Pyramid” program, launched in 2021 to help financial service providers extend credit to small businesses in the wake of the Covid-19 pandemic, and is supported by the Private Sector Promotion Window of the International Development Association.