International Finance Corporation and ProCredit Deepen Their Cooperation to Supp...

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Jul 2020
Global, July, 13 2020 - The funds will be available at short notice to qualified SMEs in nine of the altogether twelve ProCredit banks. These are the ProCredit banks in Albania, Bosnia and Herzegovina, Ecuador, Kosovo, Moldova, North Macedonia, Romania, Serbia and Ukraine.

The International Finance Corporation (IFC), a member of the World Bank Group, and ProCredit Holding AG & Co. KGaA (ProCredit Holding; ProCredit) are providing targeted financing to small and medium-sized enterprises (SMEs) to enable them to bridge COVID-19-related liquidity bottlenecks and to take advantage of potential opportunities arising from the crisis. For this purpose IFC is granting a loan of USD 100 million to ProCredit Holding. The loan is being granted under the IFC's Working Capital Solutions (WCS) programme.

The funds will be available at short notice to qualified SMEs in nine of the altogether twelve ProCredit banks. These are the ProCredit banks in Albania, Bosnia and Herzegovina, Ecuador, Kosovo, Moldova, North Macedonia, Romania, Serbia and Ukraine.

The Management Board of ProCredit Holding is firmly convinced that the ProCredit banks are well positioned to play an important and positive role in supporting small and medium-sized enterprises in their respective countries. In the Board's view, a robust SME sector will be of central importance for the macroeconomic recovery of the countries in which ProCredit banks operate, especially after the COVID-19 pandemic. The Management Board is confident that the funds made available by ProCredit's long-standing partner IFC will enable well-positioned SMEs to develop further and find new business opportunities.

"This financing is designed to support SMEs whose cashflows have been impacted by the pandemic" said Vittorio Di Bello, IFC's Regional Head of Industry for Financial Institutions in Europe and Central Asia. "ProCredit's SME focus and extensive geographic outreach will be instrumental in improving access to financing to these enterprises, which are usually underserved and in need of it the most."

IFC is a shareholder of ProCredit Holding and in 2019 it invested USD 90 million in ProCredit Holding's first ever Green Bond issue.



Source : MarketScreener
 

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