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IFC and FirstRand Bank Set Up Risk-Sharing Facility to Boost Access to Finance for SMEs in South Africa
To make loans more accessible and affordable for small and medium enterprises (SMEs), IFC has set up a risk-sharing facility with FirstRand Bank Limited that will cover half of the credit risk for a portfolio of up to ZAR1.8 billion ($99 million equivalent) of loans to these businesses in South Africa.
The bank will be able to expand lending to more SMEs, including businesses owned by women and those engaged in climate-related activities, such as climate-smart agriculture initiatives.
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