IFC Invests in Sub-Saharan Microfinance Fund

The International Finance Corp. will invest USD8 million in a new microfinance fund for sub-Saharan Africa, the Financial reports. It is also expected to provide USD5 million to help the fund minimize its foreign currency risks.

The fund, dubbed the Regional Micro, Small and Medium Enterprise Investment Fund for Sub-Saharan Africa, is sponsored by the KfW and supported by other financial institutions, including the European Investment Bank. It is designed to provide local currency loans to small local banks, nonfinancial institutions and nongovernmental organizations serving small business.

The fund was launched in Berlin on May 5.

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.