To support small and medium-sized enterprises (SMEs) during the COVID-19 pandemic, the International Finance Corporation (IFC), the private-investment arm of the World Bank Group, recently issued a senior loan of USD 100 million to Germany-based ProCredit Holding. The financing will benefit ProCredit entities in Ecuador and eight countries in Europe: Albania, Bosnia and Herzegovina, Kosovo, Moldova, North Macedonia, Romania, Serbia, and Ukraine. IFC is funding the loan through Working Capital Solutions, a program that provides one-year, renewable loans to
Tag: IFC
MICROCAPITAL BRIEF: Central Bank of Solomon Islands, IFC Developing Comprehensive Credit Reporting System to Boost Financial Inclusion of Individuals, MSMEs
The International Finance Corporation (IFC), a member of the World Bank Group, recently signed an agreement with the Central Bank of Solomon Islands (CBSI) that is intended to improve the country’s “credit reporting legal framework,” promote financial inclusion and protect the credit reputations of borrowers during the COVID-19 pandemic. As part of the effort, CBSI will begin supervising the Solomon Islands Credit & Data Bureau (CDB), and IFC will assist the credit bureau in implementing
MICROCAPITAL BRIEF: Azerpost, IFC Expanding Rural Mobile Financial Services with Postal Service to Act as Agent for Banks in Azerbaijan
Azerbaijan’s postal services company, Azerpost, is partnering with the World Bank Group’s International Finance Corporation (IFC) to boost financial literacy in the country and introduce a mobile wallet service, with a particular focus on reaching rural areas. The effort, which is supported by the State Secretariat for Economic Affairs of Switzerland (SECO), builds on the recent rollout of
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Loans $35m in Local Currency to Bank of Georgia for Microfinance, SMEs – Including Women-owned Enterprises
The World Bank Group’s International Finance Corporation (IFC) recently announced it is lending GEL 100 million (USD 35 million) to the Bank of Georgia, a commercial bank owned by the UK-based Bank of Georgia Group, for on-lending to micro-, small and medium-sized enterprises (MSMEs). The Women Entrepreneurs Opportunity Facility, which is cosponsored by
MICROCAPITAL BRIEF: Activa Insurance, AXA Cameroon, IFC Launch Agricultural Index Insurance Project
The International Finance Corporation (IFC), a member of the World Bank Group, recently partnered with two insurance companies in Cameroon to create agricultural index insurance products. These products offer payments to
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Loans $225m to Banco Agromercantil de Guatemala (BAM) to Expand Lending for Housing; Small, Medium-sized Enterprises (SMEs)
The International Finance Corporation (IFC), a member of the World Bank Group, recently disbursed a loan of USD 225 million to Banco Agromercantil de Guatemala (BAM), a subsidiary of Colombia-based Grupo Bancolombia. The loan is for on-lending by BAM for housing as well as
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Loans $15m in Local Currency to Stanbic Bank Zambia to Expand Financing to Small, Medium-sized Enterprises (SMEs)
The International Finance Corporation (IFC), a member of the World Bank Group, recently announced that it has disbursed a loan of ZMK 200 million (USD 15 million) to Stanbic Bank Zambia, a subsidiary of South Africa’s Standard Bank Group. Commenting on the transaction, Stanbic Bank Zambia CEO Leina Gabaraane said
MICROCAPITAL BRIEF: Insular Life, IFC Launch “InLife Sheroes” Program to Boost Microinsurance Among Women in the Philippines
Insular Life, a Philippines-based insurance company, recently partnered with the International Finance Corporation (IFC), a member of the World Bank Group, to form a program called “InLife Sheroes” to provide Filipino women with skills relating to “financial management, health, and well-being” and offer insurance programs with “specific coverage, bundling of products, and customized add-on services” intended to be of value to women. The program is
MICROCAPITAL BRIEF: Banco Santander, IFC Lending $300m to Bradesco to Support MSMEs in Brazil
The International Finance Corporation (IFC), a member of the World Bank Group, has agreed to syndicate a loan of USD 300 million for Brazil’s Banco Bradesco to support its lending to micro-, small and medium-sized enterprises (MSMEs). IFC and
MICROCAPITAL BRIEF: TMB Bank Sells IFC $90m in Bonds to Support SMEs in Thailand
The International Finance Corporation (IFC), a member of the World Bank Group, recently purchased USD 90 million in bonds from Thailand’s TMB Bank to support its lending to small and medium-sized enterprises (SMEs). This follows a
MICROCAPITAL BRIEF: First Bond Issue Ever on Cambodian Securities Exchange Is by Microfinance Institution Hattha Kaksekar Limited (HKL) to Benefit Farmers, Other Rural Entrepreneurs
With encouragement from the Cambodian government, microfinance institution Hattha Kaksekar Limited (HKL) recently issued the first corporate bonds ever on the Cambodian Securities Exchange (CSX). The issue raised the USD equivalent of 30 million
MICROCAPITAL BRIEF: Voyager Innovations of the Philippines Raises $215m in Equity from Tencent, KKR, IFC to Bring Digital Financial Services to Rural Areas
Voyager Innovations, which is controlled by the Philippines Long Distance and Telephone Company (PLDT), recently raised a total of USD 215 million in equity from China’s Tencent Holdings; KKR, a US-based investment fund formerly known as Kohlberg Kravis Roberts; and the World Bank Group’s International Finance Corporation (IFC). IFC pledged
MICROFINANCE PAPER WRAP-UP: “Digital Financial Services for Agriculture,” by Wisdom Alorwuse et al, Published by IFC
This is a summary of a paper written by Wisdom Alorwuse, Natalie Baatjies, Margarete O Biallas, Dean Caire, Soren Heitmann, Andrew Kasujja, Ruth Dueck-Mbeba, Joseck Mudiri, Riadh Naouar, Charlotte Ndaw, Rita Oulai, Minakshi Ramji, Beniamino Savonitto and Mark Wensley;
MICROCAPITAL BRIEF: Sa-Dhan, Accion’s Smart Campaign, IFC Launching Tool to Monitor Over-indebtedness Among Microfinance Borrowers in India
Sa-Dhan, an association of 190 financial services providers in India, and the Smart Campaign of US-based NGO Accion recently announced the launch of an online monitoring tool intended to increase consumer protection and reduce over-indebtedness
MICROCAPITAL BRIEF: Banque Misr, IFC to Support Women-led SMEs in Egypt with Market Research, Business-model Development
Egypt’s Banque Misr and the World Bank Group’s International Finance Corporation (IFC) recently agreed to collaborate on an
MICROCAPITAL BRIEF: IFC to Loan $50m to Itaú Argentina for SMEs, “Green” Lending
The International Finance Corporation (IFC), a member of the World Bank Group, recently agreed to provide Itaú Argentina, a subsidiary of Brazil-based Itaú Unibanco, with USD 15 million to expand funding for small and medium-sized enterprises (SMEs) as well as USD 35 million for “sustainable” energy projects.
MICROCAPITAL BRIEF: Kreditech Raises $104m from Amadeus, International Finance Corporation (IFC), Peter Thiel, Previous Investors for Monedo Online Lending Platform
Kreditech, a German financial technology company, recently announced that it raised EUR 10 million (USD 11.2 million) as part of its Series C funding round from the International Finance Corporation (IFC), a member of the US-based World Bank Group, to invest mainly in its Monedo platform, which provides on-line banking products to consumers in both emerging and developed markets.