IFC announce €77 million joint initiative with Coca Cola to support women entrepreneurs
The International Finance Corporation (IFC) has announced the creation of a N3.5 billion (€17 million) risk sharing facility in Nigeria.A further €38,5 million loan will also be granted to Access Bank Nigeria to improve the banks' lending to small and medium-sized enterprises (SMEs), a quarter of which would be used for women empowerment, the Guardian reports.
The risk sharing facility is part of a $100 million (€77 million), three-year joint initiative with the Coca-Cola Company to provide access to finance for thousands of women entrepreneurs in Africa and Asia.
As part of the initiative, the IFC will work through its network of local and regional banking institutions to provide financing and business skills training for SMEs that are owned or operated by women entrepreneurs.
President of Coca Cola Eurasia and Africa Nathan Kalumbu, said: "Women entrepreneurs make significant contributions to emerging and developing economies; yet have lower access to finance than their male counterparts. By providing greater access to capital, we are investing in our own success and the success of the communities we serve. We are excited about this opportunity to harness the collective power of our organisations to positively impact women in Eurasia and Africa."