South Africa, Nov. 11 -- To help create jobs and support the growth of smaller businesses in South Africa, IFC, a member of the World Bank Group, today announced a local currency loan to Lula Lend (Lula), a leading digital lender in the country.IFC's 170 million rand loan ($10 million equivalent) will help unlock working capital for thousands of micro-, small- and medium-sized enterprises (MSMEs) in South Africa, with at least 80 percent of the funding going to micro and small businesses.MSMEs are the engine of South Africa's economy, generating around 34 percent of GDP and 60 percent of jobs, but only about five percent of these formalized businesses have access to credit, according to the MSME Finance Gap report. Lula provides uncollatera...