SLGP EC FirstRand Bank Limited

pending

The proposed project consists of an unfunded Risk Sharing Facility (RSF) to FirstRand Bank Limited (FRB or the Bank) where IFC will cover 50% of the credit risk of an up to US$100 million equivalent in South African Rand (ZAR) portfolio of eligible loans to small and medium enterprises (SMEs) in South Africa (the Project). The RSF will specifically support the Bank to finance woman-owned SMEs and SMEs involved with climate solutions, including climate smart agriculture; or healthcare activities. The Project will be processed under the Small Loan Guarantee Program European Commission/Private Sector Window (SLGP EC/PSW or the Program), a programmatic approach to risk sharing which aims to enhance and strengthen the capacity of financial institutions for risk taking and financing of SMEs in eligible countries. The Project is also expected to be supported by the IFC-BMWK (Bundesministerium für Wirtschaft und Klimaschutz) Scale Up Climate Finance through Greening the Financial Sector (BMWK) Program as described in the Blended Finance section.