The transaction will help the company expand its product offerings to small and medium enterprises (SMEs) and is designed to support the economic recovery from the COVID-19 health crisis.

The initiative aims to develop green financing, as well as improving access to financial products and services for the country’s micro, small and medium enterprises.

Pakistan’s micro, small and medium sized enterprises and individual consumers are set to benefit from the creation of an electronic registry that allows for the country’s financial institutions to use moveable assets as collateral for loans.

The loan will boost the bank’s ability to increase its lending for low-income housing, women-owned small and medium enterprises, and sustainable agribusiness projects in the country.

The joint collaboration aims to create markets, mobilize private sector investment, and support economic recovery in developing countries in the wake of the COVID-19 global crisis.

IFC, a member of the World Bank Group, provided Banco General, S.A., a loan of $150 million for mortgage lending for low and middle-income families in Panama, at the end of 2019.

The bulk of the IFC financing will go to client financial institutions to enable them to continue to offer trade financing, working-capital support and medium-term financing to private companies struggling with disruptions in supply chains.