For the development of digital payment system in South Africa, IFC and IFC Financial Institutions Growth Fund invests up to $15 million in Fintech company Adumo. The fund will provide digital payment solutions for small and medium-sized businesses in several countries in Africa.
- IFC’s investments will support Adumo to make digital payment systems more affordable and accessible to smaller businesses in Africa.
Adumo, South Africa’s largest independent payment provider with a presence in 14 other African countries, owns merchant acquirers Sureswipe and Ikhokha and payment processor Innervation Pan African Payments.
The major financial supports by International Finance Corporation are featured below:
Feb 2021: To accelerate glass manufacturing, the World Bank Group member IFC announced a financing package for Pasabahce Egypt. The financing will help the company boost exports, introduce cleaner glass production practices, and create 330 new direct jobs in the region.
Oct 2020: Focuses on business affected by COVID pandemic in developing countries, IFC helps with $4 billion. IFC focused on the most vulnerable people in the poorest countries and fragile states. The financial supports helps business to fight against COVID 19 pandemic.
Oct 2020: To support logistics and equipment sectors Small and Medium Enterprises (SMEs), the International Finance Corporation (IFC), announced an initial investment of approximately US$15 million in ABL Trust Mexico.
Sep 2020: Compass Group and World Bank Group member the International Finance Corporation (IFC), had announced an alliance to invest approximately $21 million for Peruvian companies, primarily micro and small enterprises (SMEs), which have been severely impacted by the COVID 19 pandemic.
July 2020: Amid COVID -19 pandemic the global financial agency International Finance Corporation (IFC) launched a $4-billion Global Health Platform to address the severe shortage of medical supplies in developing countries.
July 2020: International Finance Corporation (IFC) announced a $100 million loan to a leading agribusiness company Adecoagro to support the dairy sector in Argentina. IFCs fund will support Adeco Agropecuaria, Pilaga and L3N, three Argentine subsidiaries of Adecoagro.
July 2020: The World Bank Group member International Finance Corporation (IFC) committed $5.6 billion to private sector development in the Middle East and sub-Saharan Africa region in fiscal year 2020.
July 2020: The European Bank for Reconstruction and Development (EBRD), IFC, and the European Union (EU) had signed on to support the development of the first solar power plant in Armenia. The Caucasus plant developed by Fotowatio Renewable Ventures (FRV), a part of Abdul Latif Jameel Energy, a global leader in utility-scale renewable energy projects.
June 2020: The global development institution IFC, announced a $12.5 million long-term loan to JSC Indorama Kokand Fertilizers and Chemicals for the modernization of its fertilizer plant in Uzbekistan. The financial support will create jobs and benefit the countrys agriculture sector.
May 2020: IFC, announced a $50 million loan to Garanti BBVA to help Turkish micro, small, and medium enterprises (MSMEs) weather the effects of the COVID-19 pandemic, which has devastated businesses around the world.
May 2020: International Finance Corporation (IFC) has approved a $100 million loan to Banco Davivienda. The fund will boost the banks ability to increase its lending for low-income housing, women-owned small and medium enterprises, and sustainable agribusiness projects in Colombia.
April 2020: International Finance Corporation (IFC) had announced a memorandum of understanding with Agriculture Ministrys Plant Protection Department of Vietnam to expand global export markets for agricultural produce. IFC also helps to improve the quality of Vietnamese agricultural products to increase high value markets and income for farmers.
February 2020: International Finance Corporation (IFC) had announced an investment of $54 million in Habesha Breweries S.C. to help the company expand operations in Ethiopia and increase local barley sourcing from smallholder farmers.
January 2020: IFC, announced a finance agreements with Moroccos leading fruit producers Zalar Agri, to provide $24 million to boost fruit production and create jobs to spur export-led economic growth in rural Morocco.
About International Finance Corporation (IFC)
International Finance Corporation (IFC), a member of the World Bank Group, and the largest global development institution focused on the private sector in emerging markets. IFC works with around 2,000 businesses globally. IFC uses its capital, technical expertise, global experience, and influence to create markets and opportunities in remote areas. With the help of long-term financing for developing countries, it leverages power to the private sector to end extreme poverty and boost shared prosperity in the region. IFC is a leading mobilizer of third-party resources for projects in a developing country.