The International Finance Corporation (IFC), a member of the World Bank Group, recently agreed to work with the National Bank of Ukraine (NBU), the country’s central bank, to develop a financial inclusion strategy for improving digital financial services, expanding access to underserved populations and protecting consumer rights in the country. NBU Chairman Kyrylo Shevchenko said,
Tag: World Bank Group
MICROCAPITAL BRIEF: Eco-Business Fund, IFC to Loan $40m to Banco Agromercantil (BAM) to Help MSMEs in Guatemala Manage COVID-19 Pandemic
The International Finance Corporation (IFC), a member of the World Bank Group, recently agreed to lend Banco Agromercantil (BAM), a subsidiary of Colombia-based Grupo Bancolombia, USD 20 million, thus mobilizing an equal amount from the Eco-Business Fund, which is domiciled in Luxembourg. BAM is to use the liquidity to support
MICROCAPITAL BRIEF: EBRD, IFC Lend Alternatif Bank $50m to Sustain SMEs in Turkey During COVID-19 Pandemic
The UK-based European Bank for Reconstruction and Development (EBRD) and the World Bank Group’s International Finance Corporation (IFC) each are lending USD 25 million to Alternatif Bank,
MICROCAPITAL BRIEF: Isbank Georgia, IFC Agree on Cross-currency Interest Swaps, $10m Loan for SMEs
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
MICROFINANCE PAPER WRAP-UP: “COVID-19 Crisis Through a Migration Lens,” by Dilip Ratha et al, published by World Bank Group
This paper explores the impact of the COVID-19 pandemic on past and potential future trends in international economic migration and remittances. The first section focuses on the general impact of the pandemic, considering topics such as changes in the earnings of migrant workers, declines in remittance flows and policy responses. The second section delves into the cost of remittances and migration patterns in six regions:
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
MICROFINANCE PAPER WRAP-UP: “The Impact of the COVID-19 Pandemic on Education Financing,” by Samer Al-Samarrai et al, published by the World Bank Group
This paper explores the economic implications of COVID-19 and arguments for mobilizing resources from government and development partners to alleviate educational losses in terms of educational services, student enrollment rates and student achievement. The authors also consider recent policy interventions and proposals in contrast to similar efforts made during past crises. The
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
MICROFINANCE PAPER WRAP-UP: “Increasing Financial Inclusion in the Muslim World: Evidence from an Islamic Finance Marketing Experiment;” by Dean Karlan, Adam Osman, Nour Shammout; published by the World Bank Group
In spite of the growth of the Islamic finance sector, which promotes loans, insurance and other services that comply with the religious laws known as Shariah, financial inclusion rates in predominantly Muslim countries remain low. In collaboration with Tamweelcom, a microcredit institution in Jordan, the authors analyze how the following factors influence people’s decisions to borrow:
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: 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: 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: 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: 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.