IFC helps businesses in poorest countries with $4b

The International Finance Corporation (IFC) has said it has so far extended USD 4 billion to private sector businesses in the poorest countries to help fight the coronavirus pandemic.

The IFC, which is the largest global development institution focused on the private sector in emerging markets, in March committed USD 8 billion in fast track financing to help pandemic-hit private sector companies.

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Of the $8 billion in IFC COVID-19 fast-track financing approved by the IFC Board in March 2020, $4 billion has been committed to date, of which close to half is expected to benefit people in the poorest countries and fragile states, with the remainder helping to support the fight against COVID-19 across other developing countries and emerging markets.

“Supporting the private sector will be crucial to helping developing countries achieve an inclusive, sustainable and resilient recovery and stem the current rise in extreme poverty,” said World Bank Group President David Malpass.

“Our goal with IFC’s fast-track COVID-19 facility is to provide needed liquidity for corporate and financial institution clients, which will provide working capital, support jobs and facilitate trade,” he added, said an IFC press release.

IFC’s Board in March approved $8 billion in financing to help companies affected by the outbreak. IFC, the largest global development institution focused on the private sector in emerging markets, has since fully deployed the $2 billion allocated under the trade-finance envelope of the fast-track facility.

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