IFC, a member of the World Bank Group, announced new financing of R1.2 billion ($100 million) to support FNB\u2019s lending to small and medium enterprises, with a focus on women-owned businesses.<\/p>\n
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.<\/p>\n
FNB said it 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.<\/p>\n
The collaboration includes advisory services to FNB and its SME clients to increase their financial literacy.<\/p>\n
The IFC SME Push Program was launched in June 2017 to channel up to R40 billion ($3 billion) into South African SMEs over the next 5-7 years through a comprehensive package, including investments, risk-sharing facilities and advisory services. The program was developed to complement government policies promoting lending to small and medium enterprises and to spur job creation in South Africa.<\/p>\n