Yaoundé - 09 June 2023 -

La Régionale Bank secures CFA3bn IFC loan

La Régionale Bank secures CFA3bn IFC loan
  • Comments   -   Thursday, 04 May 2023 16:12

(Business in Cameroon) - The International Finance Corporation (IFC), which runs private financing within the World Bank Group, approved the disbursement of $4.9 million (about CFA3 billion) to La Regionale Bank. The money will help the beneficiary improve its support to small and mid-sized enterprises across the country.

According to available information, this financing will be channeled through IFC's Base of the Pyramid Facility- a mechanism aimed at helping financial service providers deliver funding to small businesses, informal businesses, and low-income households, supporting economic growth, job creation, and a resilient recovery after the COVID-19 pandemic. In addition to the financial component, the IFC will help La Regional strengthen its management capacity to "advance the digital transformation strategy and design new products to more effectively support SMEs with a focus on agribusiness”.

This deal is for La Régionale, which only obtained its universal bank license in September 2022, an opportunity to reinforce its position in this market segment where banks are not dynamic enough. Indeed, while they represent more than 99% of the economic fabric, Cameroonian SMEs received only 22% of banking credits in Q3 2022, according to the BEAC.

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