Isbank Georgia, a subsidiary of Turkey-based bank Türkiye Is Bankasl, recently agreed to borrow USD 10 million from IFC, a member of the World Bank Group. Isbank is to use the funds to on-lend primarily to
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MICROCAPITAL BRIEF: IFC Loans $50m to Diamond Trust Bank Kenya to Support SMEs Challenged by COVID-19
To support small and medium-sized enterprises (SMEs) that are struggling during the COVID-19 pandemic, the International Finance Corporation (IFC), the private-investment arm of the World Bank Group, recently issued a loan of USD 50 million to Nairobi-based Diamond Trust Bank Kenya Limited (DTB Kenya). The targeted sectors include
MICROCAPITAL BRIEF: IFC Lends $100m to ProCredit Holding to Finance Small, Medium-Sized Enterprises (SMEs) in Eastern, Southeastern Europe; Ecuador
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
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: Ipak Yoli Bank of Uzbekistan, IFC Collaborate to Manage Currency Risk, Increase Local-currency Financing for SMEs
The International Finance Corporation (IFC), a member of the World Bank Group, and Uzbekistan’s Ipak Yoli Bank recently signed an International Swaps and Derivatives Association Master Agreement under which they plan to execute currency-swap transactions. Saidabror Savdakhmedov, Chairman of the Board of Ipak Yoli, explained that the goal is to “help expand our lending to customers in local currency, while effectively mitigating financial risks and managing our currency-risk exposure.” In particular, the bank plans to increase local-currency financing to small and medium-sized
MICROCAPITAL BRIEF: Garanti BBVA of Turkey Borrows $699m from EBRD, IFC, Commercial Banks with Elements for Renewable Energy, MSMEs, COVID-19 Relief
Garanti BBVA, a Turkish subsidiary of Spain’s Banco Bilbao Vizcaya Argentaria (BBVA), recently entered loan agreements with the UK-based European Bank for Reconstruction and Development (EBRD), the World Bank Group’s International Finance Corporation (IFC), and a syndicate of unidentified commercial banks. The sizes of the first two loans
MICROCAPITAL BRIEF: Pakistan Launches Electronic Registry of Movable Assets, with Support from IFC
The Securities and Exchange Commission of Pakistan recently created an electronic registry to encourage the country’s banks, microfinance institutions (MFIs) and leasing companies to accept moveable assets as collateral for loans. The collateral registry will help these institutions “to register rights in moveable assets in offering credit to people, as well as micro-, small and medium-sized enterprises” (MSMEs). Moveable assets may include
MICROFINANCE PAPER WRAP-UP: “Her Home: Housing Finance for Women,” published by IFC
By Henriette Kolb et al, published by the International Finance Corporation (IFC), November 2019, 68 pages, available at https://www.ifc.org/wps/wcm/connect/industry_ext_content/ifc_external_corporate_site/financial+institutions/resources/her+home+-+housing+finance+for+women
The authors of this paper analysed the housing finance markets in Colombia, India and Kenya, identifying barriers that women face in accessing loans for purchases, construction and improvements of housing. The authors observed that the rate of
MICROCAPITAL BRIEF: IFC Boosts COVID-19 Response to $8b for Working Capital, Risk-sharing, Trade Finance, “Real Sector” Finance Worldwide; Including $294m Deployed to Target SMEs in Vietnam
The World Bank Group’s International Finance Corporation (IFC) recently increased to USD 8 billion its financial commitment to counter the effects of COVID-19. David Malpass, President of the World Bank Group, said, “It’s essential that we shorten the time to recovery.” He added, “Support operations are already underway, and the expanding funding tools…will help sustain economies, companies and jobs.”
The funding package is divided into four categories, with USD 2 billion allocated each to: (1) cash for
MICROCAPITAL BRIEF: IFC Guaranteeing Local-currency Equivalent of $25m for Union Bank to Invest in SMEs, Women-led Businesses in Nigeria
The World Bank Group’s International Finance Corporation (IFC) recently announced it will pay up to half of any losses that Union Bank of Nigeria may incur in lending the local-currency equivalent of USD 25 million to small and medium-sized enterprises (SMEs) in Nigeria. In particular, “the bank plans to offer more products and services to women-owned businesses, especially
MICROCAPITAL BRIEF: IFC Lends $16m to BT Mic for MSEs in Romania, With a Focus on Female-owned Enterprises
The World Bank Group’s International Finance Corporation (IFC) recently loaned USD 16 million to BT Mic, a lender to small businesses that is controlled by Romania’s Transilvania Bank Group. The funding is intended to
MICROCAPITAL BRIEF: Davivienda of Colombia Borrows $335m from IFC to Increase Lending for Women-owned SMEs, Housing
The World Bank Group’s International Finance Corporation (IFC) recently loaned Banco Davivienda of Colombia USD 335 million to increase its “financing of women-owned small and medium-sized enterprises (SMEs), social housing and sustainable
MICROCAPITAL BRIEF: Fiji, IFC Partnering on Access to Insurance Against Cyclones
The government of Fiji and the International Finance Corporation (IFC), a member of the World Bank Group, recently signed an agreement to provide payments to disadvantaged families affected by cyclones in Fiji. Registered households that are impacted by future cyclones will be
MICROCAPITAL BRIEF: Azerbaijan Implements Movable Collateral Registry, Credit Bureau with Technical Assistance from IFC, Funding from SECO
The government of Azerbaijan, with technical assistance from the World Bank Group’s International Finance Corporation (IFC), has instituted a series of regulatory reforms to improve financial infrastructure in the country. The Azerbaijan Financial Advisory Services program, which was
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