IFC extends $62 million loan to South Africa’s Mercantile Bank

The International Finance Corporation (IFC) said on Monday it would extend a seven-year loan of 740 million rand ($62 million)to Mercantile Bank to boost lending to small and medium businesses (SMEs), with a focus on women-owned firms.

The IFC, a member of the World Bank, said in a statement the financing was part of an initiative to invest up to 40 billion rand into South African SMEs over the next five to seven years. Source: Share Net