IFC invests in Bank of Africa to expand SME lending in eight countries

The International Finance Corporation has announced a $60 million investment in a regional risk-sharing facility to support Bank of Africa Group's lending to small and medium-sized enterprises in eight African countries: Burkina Faso, Ghana, Madagascar, Mali, Niger, Senegal, Tanzania and Togo.

IFC's investment will cover as much as 50% of the risk on up to $120 million equivalent in loans to local SMEs. Half the facility is earmarked for women-run businesses, and for climate-related improvements, such as energy efficient equipment upgrades, small solar or biomass systems, and climate-smart agriculture.