The International Finance Corporation (IFC) announced yesterday June 4 it will grant Bank of Africa (BOA) $60 million to finance small and medium-sized enterprises (SMEs) in eight African countries. This will meet 50% of needs estimated at $120 million.

Beneficiary countries include Burkina Faso, Ghana, Madagascar, Mali, Niger, Senegal, Tanzania and Togo. IFC specified that half of the money will be granted to women-led micro-businesses as well as climate change projects. Let’s note that the funding is granted under the “Women Entrepreneurs Opportunity Facility” aimed at providing funding to 100,000 women around the world.

Over the next five years, BOA will provide SMEs with more than 5,000 credit lines at undisclosed rates. The initiative is also backed by the Global SME Finance Facility which is designed by IFC and its private partners to help financial institutions better meet SMEs’ needs.

Let’s recall that BOA group (72.85% owned by Moroccan BMCE Bank) is active in 18 countries worldwide with 1 million customers.

Chamberline Moko