LAGOS, Nigeria — The International Finance Corporation (IFC) and Access Bank have announced financing initiatives aimed at helping businesses across Africa access more capital.
The organisations have highlighted local-currency financing, regional banking and partnerships as important tools for addressing the continent’s financing gap.
A separate announcement reported a framework worth approximately $500 million equivalent between the IFC and Access Bank to support financing for African businesses.
The initiatives come amid continued discussions about how African economies can mobilise more financing for businesses, infrastructure and job creation.
Local-currency financing can also help businesses reduce some of the risks associated with borrowing in foreign currencies.