The International Finance Corporation (IFC), a member of the World Bank Group, announced new financing of US$100 million to support FNB’s lending to small and medium enterprises, with a focus on women-owned businesses.
The financing falls under the IFC SME Push Program, a comprehensive, multi-stakeholder initiative that intends to promote lending and strengthen support for small and medium enterprises by the formal banking sector.
FNB has a pioneering role as the first institution to be financed under the SME Push. The second financing includes a syndicated loan and incentives to reach more women-owned enterprises within the general SME segments, in alignment with World Bank Group and Government of South Africa objectives to reach deeper into the economy. The collaboration includes advisory services to FNB and its SME clients to increase their financial literacy.
