The investment is expected to lead to over 10,000 more people gaining access to finance by 2024, of which over 75 percent will be women.

IFC announced a $50 million loan to Nigeria’s First City Monument Bank (FCMB) Limited to help it expand lending to small and medium enterprises (SMEs) so they can sustain business activities disrupted by the COVID-19 pandemic.

IFC is providing a $50 million senior loan to Garanti BBVA to help micro, small, and medium enterprises weather the effects of the COVID-19 pandemic.

IFC has partnered with six global insurance companies to mobilize $2 billion in credit capacity under the Managed Co-Lending Portfolio Program (MCPP).

The agreement is part of a regional effort by IFC, working with banks, financial institutions, credit bureaus and central banks in Solomon Islands, Papua New Guinea and Vanuatu to guide them through the process of moving to comprehensive credit reporting.

The funding will be used to expand lending to small and medium-sized enterprises, with over a third dedicated to businesses owned by women.

Advice intended to assist IFC clients and partners in responding to the COVID-19 pandemic

The transaction will help the company expand its product offerings to small and medium enterprises (SMEs) and is designed to support the economic recovery from the COVID-19 health crisis.

The initiative aims to develop green financing, as well as improving access to financial products and services for the country’s micro, small and medium enterprises.

Pakistan’s micro, small and medium sized enterprises and individual consumers are set to benefit from the creation of an electronic registry that allows for the country’s financial institutions to use moveable assets as collateral for loans.