The International Finance Corporation, the private sector arm of the World Bank, has approved a loan worth $50 million to Nigeria’s Access Bank to help it support SMEs facing cash strain due to the coronavirus pandemic. The resource has a maturity of 12 months with an undisclosed interest rate.
“The funds from the loan, made through IFC’s global COVID-19 fast-track financing support package, will allow Access Bank to provide increased trade financing and working capital to their business clients experiencing disrupted cash flows, hence supporting business activity and preserving jobs,” the international body said in a statement.
The global COVID-19 fast track facility, launched in March 2020, is aimed at supporting vulnerable businesses and preserving jobs in this pandemic context. Under this program, the institution has invested about $400 million in Africa.
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Entrepreneurs and businessmen alike have a crucial and pivotal role in the unemployment and collective required economic output crisis in Africa. Securing investment and funding to facilitate growth and economic impetus thus lies heavily in the minds of businessmen. The challenges of creating the right business plan, a realistic budget to gain traction and identifying adequate potential investors can sometimes be such a daunting process, and creates an avenue to be blindsided without proper guidance, representation or advice. Read more