Based on a sample of more than 540 representatives from MSMEs across all provinces, the survey revealed that over 80 percent of businesses have suffered from a slump in sales.

The objective is to create a centralized, shared registry in the region that can be customized to each country’s particular case.  

This was a top-up loan of $4 million to support microfinance sector during challenging environment brought about by COVID-19 crisis.

The aim of the additional financing is to help local businesses with disrupted cash flows sustain operations and maintain jobs.

The proceeds of the Social Bond will be used to finance small and medium-sized enterprises within the trade, services and agriculture sectors, in particular the food industry, commercial stores and farms.

This is an opportune time to take a close look at what tools exist in agricultural risk management that can be deployed both to address the current crisis and to build resilience for the future.

The financing package is part of IFC’s $8 billion global COVID-19 fast-track financing facility, which aims to help companies stay in business.

IFC announced a $50 million loan to Nigeria’s First City Monument Bank (FCMB) Limited to help it expand lending to small and medium enterprises (SMEs) so they can sustain business activities disrupted by the COVID-19 pandemic.