The African Development Bank (AfDB) has approved a $310 million financial package to FirstRand Bank, a wholly owned subsidiary of the FirstRand Group and one of the largest financial institutions in Africa.
- •The package includes a $200 million line of credit for on-lending to MSMEs across various sectors.
- •It also includes a $100 million gender-focused line of credit dedicated to women-led and women-owned MSMEs.
- •The third component is $10 million concessional line of credit from the Agri-Food SME Catalytic Financing Mechanism targeting women-owned agricultural small business enterprises.
"By channeling these resources through FirstRand and, in particular, its commercial banking franchise, FNB, we are working with trusted partners with extensive reach to ensure that MSMEs —particularly those led by women —have access to the capital they need to grow, create jobs, and contribute to South Africa's economic development,” Kennedy Mbekeani, African Development Bank’s Director General for Southern Africa, said.
