KIGALI, May 15 – The World Bank Group’s private-sector arm, the International Finance Corporation and Access Bank Plc have signed a framework agreement worth up to $500 million to expand local currency financing for small businesses, agribusiness, housing and infrastructure projects across Africa.
The partnership is aimed at deepening local currency capital markets and improving access to financing for businesses operating across the continent.
According to the IFC, the framework will support lending in local currencies to reduce foreign exchange risks faced by African businesses and strengthen sustainable private sector growth.
“African businesses grow stronger when financing is aligned with the currencies in which they operate and earn,” IFC Managing Director Makhtar Diop said in a statement announcing the agreement.
The financing initiative will target micro, small and medium-sized enterprises, as well as critical sectors including agriculture, affordable housing and infrastructure development.
The IFC said the partnership with Access Bank would also help mobilize additional capital into African economies while supporting financial inclusion and long-term economic resilience.
“This partnership will help deepen local currency markets and support sustainable private sector growth across the continent,” Diop added.
The agreement comes as African governments and financial institutions increasingly push for local currency financing structures to reduce exposure to dollar shortages, exchange-rate volatility and rising external borrowing costs.
Access Bank Plc has expanded aggressively across Africa in recent years, positioning itself as one of the continent’s largest banking groups by geographic footprint.
