This week IFAD launched  the Platform for Remittances, Investment and Migrants’ Entrepreneurship (PRIME) Central Asia Initiative in Kazakhstan, the Kyrgyz Republic, Tajikistan, and Uzbekistan.

The Line of Finance aims to promote Islamic finance, improve financial inclusion, and support private sector development in Uzbekistan.

The proceeds of this Social Bond are to be allocated towards both micro loans up to $10,000 to microenterprises and SME loans up to $1 million to small and medium enterprises.

The foundation has announced its disbursal of local-currency loans to Togo-based Assilassimé Solidarite in an amount approximately equivalent to $2.5 million and Agora Microfinance Zambia in an amount approximately equivalent to $1.2 million.

IFC's $5 million investment will provide critical working capital to help them continue their operations and stay afloat during the ongoing public health crisis.

The National Fund for Inclusive Finance is putting in place mechanisms to support its partnering microfinance institutions amidst the COVID-19 crisis.