January 29, 2018 / 9:13 AM / a year ago

IFC extends $62 million loan to South Africa's Mercantile Bank

CAPE TOWN, Jan 29 (Reuters) - The International Finance Corporation (IFC) said on Monday it would extend a seven-year loan of 740 million rand ($62 million)to Mercantile Bank to boost lending to small and medium businesses (SMEs), with a focus on women-owned firms.

The IFC, a member of the World Bank, said in a statement the financing was part of an initiative to invest up to 40 billion rand into South African SMEs over the next five to seven years. ($1 = 11.9640 rand) (Reporting by Wendell Roelf; Editing by James Macharia)

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