United States, April 15 -- The World Bank Group, through its private-sector arm the International Finance Corporation (IFC), and Citi have signed a new 1.6 billion South African rand borrowing facility that will expand IFC's ability to provide local currency financing in South Africa.This facility adds to the World Bank Group's suite of local currency financing instruments, strengthening its capacity to support private sector development. The facility has supported IFC's anchor investment into the Cape Water outcome-based bond issued by South Africa's FirstRand Bank - the first outcome bond issued by a commercial bank globally.This facility builds on a similar one established in Kenyan Shilling (KES) that IFC and Citi signed in 2024.The two...