IFC Provides $100M to Daycoval to Support SMEs Facing the Impacts of the COVID-19 Pandemic
IFC, a member of the World Bank Group, is providing a $100 million loan to support Banco Daycoval, a leading mid-sized Brazilian bank, expand access to finance for small and medium enterprises (SMEs), including women-owned businesses. IFC’s investment will allow Daycoval to support SMEs preserve jobs and face the impacts of the COVID-19 pandemic. This is especially critical to help Brazil combat the negative shocks caused by the COVID-19 pandemic on the economy, as SMEs are a key sector for employment and economic growth in the country.
This loan to Daycoval is being granted as part of IFC’s global response to combat the economic impacts of the COVID-19 pandemic. IFC has implemented a $8 billion package of fast-track financing to its clients worldwide to help sustain economies, support businesses and protect jobs.