- The agreement highlights IFC's recognition
- They also support sustainable development projects
- IFC works in over 100 countries
Societe Generale (SG) Ghana and the International Finance Corporation (IFC) have joined forces to significantly increase their support for small and medium-sized enterprises (SMEs) in Ghana.
This renewed partnership is marked by a US$25 million facility agreement, building on a successful collaboration that began with a US$50 million loan in 2020.
The agreement highlights IFC’s recognition of SG Ghana’s crucial role in financing Ghana’s real economy and its dedication to fostering SME growth.
SG Ghana has a long-standing commitment to strengthening the Ghanaian SME sector, with initiatives like the SG Women’s Club specifically targeting women-owned businesses. They also support sustainable development projects, such as investments in renewable energy.
“IFC is proud to announce this US$25 million loan,” said Mr. Kyle Kelhofer, Senior Country Manager for the Ghana Cluster at IFC. “SG Ghana’s proactive approach and strategic focus on SMEs have been instrumental in navigating economic challenges and fostering inclusive growth.”
The IFC is committed to financial inclusion and building strong economic foundations through partnerships that empower businesses and drive sustainable economic development in Ghana. Alexandra Celestin, Regional Industry Manager for Africa at IFC, emphasized the partnership’s positive impact on sustainable finance and empowering SMEs, particularly women-owned businesses.
This renewed partnership reflects a mutual confidence in driving SME development in Ghana. The new facility is expected to particularly benefit women-owned businesses, aligning with IFC’s focus on promoting inclusive and sustainable economic development.
About Societe Generale Ghana
Societe Generale Ghana is a leading bank in Ghana, offering comprehensive financial services and support to SMEs, contributing to the country’s economic growth and development.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. IFC works in over 100 countries, using its capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record US$43.7 billion to private companies and financial institutions in developing countries.
