African Development Bank approves $310 million financial package for FirstRand Bank to scale up lending to MSMEs, women entrepreneurs and agribusinesses in South Africa
South Africa, Nov. 13 -- The Board of Directors of the African Development Bank Group has approved a $310 million financial package to FirstRand Bank, one of the largest financial institutions in Africa. This support will significantly increase access to finance for micro, small, and medium-sized business enterprises (MSMEs), with a particular focus on women-led businesses and agribusinesses in South Africa.FirstRand Bank is a wholly owned subsidiary of the FirstRand Group.This comprehensive financing package demonstrates the African Development Bank's continued support for private-sector-led growth and its confidence in FNB, FirstRand's leading commercial banking franchise, to support South Africa's socio-economic transformation and inclus...
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