IFC, Banco Daycoval Support Smaller Businesses, Including Those Owned by Women, in Brazil

IFC, a member of the World Bank Group, is spearheading a $400 million financing package that will help smaller businesses, including those run by women, weather the economic fallout from the COVID-19 pandemic. The financing will be provided to Banco Daycoval, allowing the mid-sized bank to increase lending to small and medium enterprises (SMEs), especially those in more remote regions of Brazil where financing is often scarce.

The financing package consists of $130 million from IFC's own-account and a $270 million syndicated loan from a group of 10 banks.