Standard Bank signs Covid-19 response loan with IFC
The Standard Bank of South Africa Limited (“SBSA”) has signed a USD185m, 3-year loan agreement with International Financial Corporation (“IFC”), a development finance institution that is part of the World Bank Group, with a focus on private sector development . The loan proceeds will be used for immediate relief and ongoing support for eligible Small and Medium Enterprises (“SMEs”) and corporates in South Africa that have been affected by Covid-19 by assisting them with the purchase and production of goods and services needed to cope with the crisis and towards stimulating long-term investments in affected industries. “We take our responsibility as a corporate citizen seriously and value the ongoing collaboration with IFC. This transaction reflects Standard Bank’s commitment to supporting our clients through this pandemic.” says Lungisa Fuzile, CE of Standard Bank, South Africa. “This is an unprecedented crisis, with devastating health, e...