Zambia: Stanbic Bank secures $15 mln IFC credit line to support Women-led SMEs
Tuesday, 16 July 2019 17:29
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
Live News
-
South Africa Reports Lower Unemployment Rate of 31.4% in Q4
07:03
-
Zambia’s ZCCM Considers Direct Copper Exports as Demand Outlook Tightens
07:01
-
Price Slump Clouds Discussions at World Cocoa Foundation Gathering
06:40
-
Guinea to Import 2,000 Purebred Brazilian Cows Under Livestock Upgrade Plan
06:35
-
Five banks back CFA41bn financing for Grand-Zambi iron project
19:56
-
Land clearance delays threaten Yaoundé north bypass progress in 2026
19:46
-
Cameroon customs target CFA95bn in February, led by Douala and Kribi
19:33
-
Cameroon banks eye CFA42bn to back Nachtigal power payments
19:20
-
With Lemonade Payments, Mark Machiri Kihara Leverages Fintech to Simplify African Payments
19:04
-
Danyi 1 Municipality Unveils Tourism Plan to Drive Growth
18:52
Absa Kenya hires M-PESA’s Sitoyo Lopokoiyit, signalling a shift from branch banking to a telecom-s...
Ziidi Trader enables NSE share trading via M-Pesa M-Pesa revenue rose 15.2% to 161.1 billio...
MTN Group has no official presence in the Democratic Republic of Congo, where the mobile market is d...
Ghana has 50,000 tonnes unsold cocoa at ports Cocoa prices fell from $13,000 to around ...
This week in Africa, Africa CDC is stepping up its drive for health sovereignty, building new partne...
Jobless rate drops 0.5 points to 31.4%, lowest since Q3 2020 Gains in services, construction, finance, agriculture offset...
ZCCM in talks with Mercuria to market its share of copper output Congo’s Gécamines already exporting directly, targets 500,000 tons IEA...
70% fall in cocoa prices since late 2024 peak shapes discussions Ghana cuts farmgate price by 28.6%; Côte d’Ivoire keeps CFA2,800/kg Unsold...
Guinea signs partnership with Brazil’s Rio Verde to boost livestock output Over 2,000 purebred Brazilian cows to be introduced at Boké...
“Dao” ranks among the three films in official competition at the 76th Berlinale and marks Alain Gomis’ second bid for the Golden Bear. The film...
Fort Jesus is a fortress located in Mombasa, on Kenya’s coastline, at the entrance to the natural harbor that long made the city a hub of trade in the...