Thara Singh, Owner & Managing Director, The Shenton Group, South Africa
Photo by Anas Al-Ezzi
IFC’s Banking on Women Business Achieves a $4 Billion Milestone
As of January 2023, IFC’s Banking on Women business has mobilized and invested over US$4 billion in financial institutions, specifically to finance women-led SMEs. Since its launch, IFC’s Banking on Women business has been providing financial and business solutions to women-led SMEs through its financial institution partners, with 204 investment and advisory services projects in 66 countries, and an estimated 38% of the projects are in IDA and Fragile and Conflict-Affected (FCS) countries.
IFC’s Banking on Women business has helped catalyze sustainable financial services for women and women-owned SMEs in emerging markets globally including through the landmark Women Entrepreneurs Bond with Bank of Ayudhya in Thailand; through advisory services collaboration with partners such as Ghazanfar Bank in Afghanistan and Stanbic Bank in Kenya; and through investing in partners in Brazil such as Banco Santander, Itau Unibanco, and Banco Daycoval.
Gender-focused and climate finance solutions are at the top of IFC’s private sector development priorities. This year, IFC focused on abating the negative impacts of COVID-19 for companies, communities, and countries through initiatives like the WCS COVID-19 Facility, the BOW-Global Trade Finance Initiative, and the Base of the Pyramid Facility. Next year, IFC will continue expanding gender-lens approaches into its business areas, including MSME finance, climate finance, fintech and digital finance, housing and asset finance, insurance, trade finance, and capital markets through Gender Bond instruments.
Development Reach
The impact of IFC clients in 2020:
- 668Thousand WOMEN COLLECTIVELY EMPLOYED
- 45PercentOF IFC’S NOMINATIONS FOR BOARD POSITIONS WERE WOMEN
- 658Thousand SME LOANS MADE TO WOMEN-OWNED ENTERPRISES
- $15.6 BILLIONIN SME LOANS TO WOMEN-OWNED ENTERPRISES
