(Ecofin Agency) - Stanbic Bank Zambia, local branch of South Africa’s Standard Bank, secured a credit line worth $15 million from World Bank’s International Finance Corporation IFC to support SMEs growth.

The bank says at least 25 percent of the loan is dedicated to women-led businesses. “By 2022, we plan to quadruple the number of women-owned SME borrowers from 50 to about 200, representing an outstanding portfolio of 80 million Zambian kwacha, up from 16 million Zambian kwacha,” said Leina Gabaraane (photo), MD of Stanbic Bank Zambia.

Women-owned SMEs face financial deficit estimated at $474 million, according to a March 2018 IFC study themed “Republic of Zambia: systematic Country Diagnostic.”

This IFC support is the second secured by the Zambian bank after the $11 million subordinated loan in 2006.

Chamberline Moko