IFC and Standard Chartered Launch $300M Financing Facility

The International Finance Corporation (IFC) and Standard Chartered Bank announced the launch of a $300 million finance facility aimed at expanding access to supply chain financing for businesses across eight African countries, including Nigeria. The initiative is expected to support supply chain trade financing transactions worth $1.9 billion over the next three years, benefiting approximately 500 suppliers, particularly small and medium-sized enterprises (SMEs).

The program will be implemented in Côte d'Ivoire, Egypt, Ghana, Kenya, Nigeria, South Africa, Tanzania, and Zambia, targeting sectors such as agriculture, healthcare, and manufacturing. The IFC, as the private sector investment arm of the World Bank Group, will provide a guarantee of $150 million, with an initial commitment of $100 million to support transactions denominated in U.S. dollars and select local currencies.

This partnership aims to address the financing gap faced by businesses in emerging markets, particularly SMEs, and enhance cash flow for suppliers, enabling them to expand operations and create jobs.