World Bank’s private-sector lending arm, the International Finance Corporation (IFC), has loaned $10 million to I&M Bank (Rwanda) Plc, seeking to support SMEs facing COVID-19 cash-flow challenges.
The loan is Rwanda’s first one through IFC global’s $8 billion COVID-19 facility, which was unveiled in March 2020 to help businesses continue their operations during and after the global COVID-19 pandemic.
According to a World Bank Group report, SMEs are the majority of all businesses in Rwanda, and about 40% of them are owned by women who struggle to access credit facilities.
Between 2018 and 2019, investment by IFC helped I&M increase its loans to SMEs by 14%.
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