IFC and Afriland First Bank Cameroon Partner to Boost SME Financing in Cameroon

IFC and Afriland First Bank Cameroon (First Bank) this week announced a partnership to increase access to finance for thousands of smaller businesses in Cameroon, helping them expand, enter new markets, and create jobs.

Under the partnership, IFC will loan First Bank up to $60 million equivalent in euros, including $20 million from IFC’s own account and $40 million mobilized from other lenders. In addition, the Women Entrepreneurs Opportunity Facility (“WEOF”) is providing performance-based incentives up to 0.07 percent of the outstanding IFC senior loan to support lending by Afriland to women-owned/led enterprises, WEOF, launched by IFC through its Banking on Women Program, and Goldman Sachs’ 10,000 Women initiative, is a first-of-its-kind facility dedicated to expanding access to capital for women entrepreneurs globally. The partnership with First Bank will help address the challenges Cameroon’s small and medium enterprises (SMEs) face accessing financing, with a focus on supporting women entrepreneurs.