DRC: Launch of a $50 million facility for the financing of the private sector
It is expected to improve access to credit in the nation and stimulate the economy.The Central Bank of Congo (BCC) has set up with the International Finance Corporation (IFC) a $50 million (€44.4 million) credit facility to finance the private sector in Congolese Francs - in a bid to improve access to credit in the West African nation and stimulate the economy.
The central bank said the facility meets the increasingly large financing needs of the country, and will help support the robust economic growth, newspaper Le Potentiel reports.
This announcement comes after the signing of an agreement between IFC and the BCC that enables IFC to swap US dollars for Congolese francs in the DRC.
The agreement increases IFC's ability to make local-currency investments in Congolese companies serving the domestic market.
"Through this agreement we are bringing an innovative financing instrument to the country's domestic financial markets that expands the options entrepreneurs have to borrow from the local markets," said Oumar Seydi, IFC regional director for East and Southern Africa.