This investment is the first of five proposed commitments to ABL Trust Mexico that could reach a total of $2 billion pesos in the next three to five years.
The bank’s chief executive Gideon Muriuki said the funds would be used to support businesses to better cope with the disruptions brought about by the COVID-19 pandemic.
The program is designed to increase climate lending by participating banks in Egypt, Mexico, the Philippines, and South Africa to 30 percent of their portfolios by 2030.
The disclosures, contained in CBK's latest annual report, shed light on the behind-the-scenes operations to rescue struggling lenders from sinking.
The firm has expansion plans to Mexico after acquiring the Colombian factoring platform Libera Supply Chain and raising more than $8 million.
Through the partnership, IFC will enter a risk-sharing facility with BOA Kenya that will help the bank scale up lending to small and medium-sized enterprises.
The partnership will help Toka Fintech, a Mexican-leading financial group, to develop its own digital payment app with Alipay+ Digital Wallet Solution, providing Mexicans with better access to inclusive financial services.
The co-investment represents IFC's first investment in the insurance brokerage sector and reflects IFC's interest in increasing insurance penetration for Mexican companies alongside a leading player in the market.
Opportunity International and Oikocredit Announce $100 Million Impact Investment Agreement to Advance the Education Sector in Low-income Countries
Opportunity International and Oikocredit will mobilize the funds over the next three years with an initial, near-term focus on Ghana, Kenya, Nigeria, Senegal, and Uganda.