IFC announces N3.5 billion risk sharing facility

The International Finance Corporation (IFC), a member of the World Bank Group, has announced a N3.5 billion risk sharing facility in Nigeria.

The risk sharing facility was part of the  $100 million, three-year joint initiative with the Coca-Cola Company to provide access to finance for thousands of women entrepreneurs in Africa and other emerging markets.

Under the joint initiative with Coca-Cola, IFC will work through its network of local and regional banking institutions to provide financing and business skills training for SMEs that are owned or operated by women entrepreneurs across the Coca-Cola value chain.

Solomon Adegbie-Quaynor, IFC's senior country manager for Nigeria, said: 'IFC is committed to supporting financial institutions that understand the business value of creating new opportunities for women entrepreneurs. Access Bank has been an important partner for IFC in that process in Nigeria and it is once again leading the way.'

The IFC financing marks the first 'blended' funds to be distributed by IFC under its Global SME finance facility, supported by donor funding from the United Kingdom. The facility aims to reduce the risks and costs of lending to SMEs by sharing risks with banks, improving their ability to identify and underwrite SMEs and strengthening critical financial infrastructure.

Aigboje Aig-Imoukhuede, group-managing director of Access Bank, said: 'Access Bank has been a leader in supporting Nigerian women and their business enterprises. We are committed to finding new ways to serving this valuable client base and remaining at the forefront of making financial services more inclusive in Nigeria.'.