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Business news for Friday, October 30, 2020
Source: Business 24
2020-10-30
world Bank
The World Bank Board of Executive Directors today approved $ 250 million from the International Development Association (IDA) to support the establishment of the Development Bank of Ghana (DBG) to increase access to long-term financing and boost job creation for 10,000 companies in key sectors. including agribusiness, manufacturing, and high-value services.
“By offering long-term wholesale financing, credit guarantees and other services, the Ghana Development Finance Project will help increase overall lending to priority sectors and market segments,” said Pierre Laporte, World Bank Country Director. for Ghana, Sierra Leone and Liberia.
“The project is aligned with the government priorities outlined in the Coordinated Program for Economic and Social Development Policies and is an integral part of the World Bank Group’s efforts to promote sustainable growth in Ghana.”
The Ghana development finance project is expected to increase the number of viable micro, small, medium-sized enterprises (MSMEs) with access to long-term finance. It will provide financial services to some 10,000 businesses, including 2,000 women-led MSMEs and thus contribute to economic growth and diversification.
The project will also strengthen the supervision of development finance institutions and the adoption of environmental and social standards by financial institutions.
Additionally, DBG will fund multiple interventions to attract private sector financing for Ghana-based MSMEs and small businesses with credit constraints.
“These interventions will include the establishment of a partial credit guarantee line and a digital financing platform to take advantage of private sector financing by making it more efficient and less risky for private financiers to grant loans to MSMEs,” said Carlos Vicente , Senior Financial Sector Economist at the World Bank.
The World Bank’s International Development Association (IDA), established in 1960, helps the world’s poorest countries by providing grants and low- or no-interest loans for projects and programs that boost economic growth, reduce poverty and improve lives. of poor people. IDA is one of the largest sources of assistance for the 76 poorest countries in the world, 39 of which are in Africa.
IDA resources bring positive change to the 1.6 billion people living in IDA countries. Since 1960, IDA has supported development work in 113 countries. Annual commitments have averaged about $ 21 billion over the past three years, with about 61 percent going to Africa.
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